The ABI and APFA have created guidance to help life insurers and financial advisers comply with changes to the law regarding customer reporting and self-certification - including tax residency.
The Common Reporting Standard (CRS), an OECD initiative, is being implemented on 1 January 2016.
It requires financial institutions to establish the tax residency and certain other details of their customers and share it with HMRC as appropriate.
This is part of international efforts to reduce tax evasion by citizens from a wide range of countries.
The guide suggests how information including tax residency should be collected, looks at where responsibility sits and includes suggested self-certification forms.
David Jordorson, Taxation Policy Adviser at the ABI, said: "Insurers have been co-operating with regulations regarding the international exchange of information for many years.
"Our members see the benefit in formalising these processes further. The guidance we have produced supports insurers and financial advisers in meeting the new and existing requirements while helping to minimise the cost of compliance, and reducing the potential impact on customers. "
Caroline Escott, Senior Policy Adviser at APFA, said: "It is important that financial advisers and insurers continue to work effectively together in ensuring that information on tax residency is collected as seamlessly and effectively as possible under the CRS initiative.
"We are pleased to have been working with the ABI to update the current guidance on tax residency information and hope that it will provide a useful tool for advisers and insurers alike."