The Club has always been committed to effective corporate governance as an essential component of a mutual providing insurance and related services to its Members. It is important that the governance process should be transparent and accordingly the Club's Board has set out in a single document and published its Corporate Governance Charter. The Charter is a voluntary code designed to assist the Board in carrying out its responsibilities for conducting the Club's business in accordance with the Constitution and the Rules.
As part of its governance the Club has also established a policy in relation to bribery which gives effect the United Kingdom Bribery Act 2010.
Proposed change to constitution - Nov 2022
West is committed to supporting its Members and others in the maritime community by providing a broad spread of insurance products and services, including those delivered in conjunction with our partners at Astaara, Nordic and Qwest.
As part of that process the Club continually evaluates new opportunities which could add value without unnecessarily exposing our Members’ capital. Consideration is currently being given to a potential hull and machinery venture. As a prudent step in that evaluation, permission is being sought from the Club’s membership and our regulator to expand the classes of insurance business which the Club may potentially underwrite.
Further details of any new product launch will be provided in due course and the Club has nothing further to add on this subject at this time.
Foreign Account Tax Compliance Act (FATCA)
However, The West of England is treated as a Passive Non-Financial Foreign Entity (“Passive NFFE”) pursuant to FATCA. As a Passive NFFE with no substantial U.S. owners, the Club is exempt from the 30 % withholding tax on payments of U.S. source fixed income. The West of England evidences its FATCA status through the W-8BEN-E form which can be downloaded from the link below.
Please note also that since all insurance related transactions are made through accounts owned and maintained by The West of England, the Club does not issue W-8IMY forms. Therefore, The West of England insurance intermediaries do not receive “reportable or withholdable payments” which is the prerequisite for filling out this form.
Should you have any question relating to FATCA, please contact Olivier Le Bescond at Olivier.LeBescond@westpandi.com.
FATCA W-8BEN-E West of England PDF (764.5 KB)