Governance, Risk and Compliance - The Central African Republic Insurance Industry

  • Business and Finance
  • 11 October 2019
  • 56 Pages
  • Formats:    
  • Report Code: 24WT-20

Governance Risk Compliance The Central African Republic Insurance - Overview

Governance, Risk and Compliance - The Central African Republic Insurance Industry

Summary

GlobalData’s 'Governance, Risk and Compliance - The Central African Republic Insurance Industry' report is the result of extensive research into the insurance regulatory framework in the Central African Republic.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

- The CAR’s insurance industry is regulated by the CRCA at the regional level and by the DSC at the national level.
- Composite insurance is not permitted in the CAR.
- 100% FDI is permitted in the CAR’s insurance industry.
- Insurance companies from CIMA member states are permitted to operate in the CAR without a license.
- Key classes of compulsory insurance include motor third-party liability insurance, marine cargo insurance on imports and professional indemnity insurance for insurance intermediaries.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Central African Republic, including -
- An overview of the insurance regulatory framework in the Central African Republic.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Central African Republic.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.

Scope

- The report covers details of the insurance regulatory framework in the Central African Republic.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy

- Gain insights into the insurance regulatory framework in the Central African Republic.
- Track the latest regulatory changes, and expected changes impacting the Central African Republic insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.

Table of Contents

Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third party liability insurance
2.4.2 Professional indemnity insurance for insurance intermediaries
2.4.3 Worker’s compensation
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Commission Régionale de Contrôle des Assurances
2.5.3 Direction des Services Centraux
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas.
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer
List of Tables

Table 1: Insurance Industry Definitions

Table 2: The Central African Republic - Insurance Regulatory Framework Key Features

Table 3: The Central African Republic - Intermediary Remuneration Rates

Table 4: The Central African Republic - Life Insurance Regulatory Framework

Table 5: The Central African Republic - Property Insurance Regulatory Framework

Table 6: The Central African Republic - Motor Insurance Regulatory Framework

Table 7: The Central African Republic - Liability Insurance Regulatory Framework

Table 8: The Central African Republic - Insurance Premium Tax Rates

Table 9: The Central African Republic - Corporate Tax Rates for the Financial Year 2019List of Figures

Figure 1: The Central African Republic - Insurance Supervision and Control at Various Levels

Figure 2: The Central African Republic - Insurance Regulatory Frameworks for Company Registration and Operation
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