Governance, Risk and Compliance-The Malagasy Insurance Industry

Governance, Risk and Compliance-The Malagasy Insurance Industry


  • Products Id :- IS0157RR
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  • Pages: 39
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Executive Summary

Timetric's 'Governance, Risk and Compliance-The Malagasy Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Madagascar.

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 Timetric'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.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Madagascar, including:

An overview of the insurance regulatory framework in Madagascar.

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 Madagascar.

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 Madagascar.

The report contains details of the rules and regulations governing insurance products and 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 companies.

Reasons To Buy

Gain insights into the insurance regulatory framework in Madagascar.

Track the latest regulatory changes, and expected changes impacting the Malagasy 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.

Key Highlights

The Malagasy insurance industry is regulated by the Ministry of Finance.

Non-admitted insurance is not permitted. However, reinsurers can operate without obtaining a license on a cross- border basis only.

Composite insurance is permitted in Madagascar.

100% foreign direct investment is permitted in the Malagasy insurance industry.

Motor third-party liability, workers' compensation and professional liability insurance for brokers are compulsory classes of insurance.



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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 Regulations

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 Social security scheme

2.4.3 Liability for ships with respect to oil pollution

2.5 Supervision and Control

2.5.1 African Insurance Organization

2.5.2 Ministry of Finance

2.5.3 Committee of Insurance Companies in Madagascar

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 Types 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 margins

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 Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

Figure 1: Madagascar-Insurance Supervision and Control at Various Levels

Figure 2: Madagascar-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Insurance Industry Definitions

Table 2: Madagascar-Insurance Regulatory Framework Key Features

Table 3: Madagascar-Intermediary Remuneration Rates

Table 4: Madagascar-Life Insurance Regulatory Framework

Table 5: Madagascar-Property Insurance Regulatory Framework

Table 6: Madagascar-Motor Insurance Regulatory Framework

Table 7: Madagascar-Liability Insurance Regulatory Framework

Table 8: Madagascar-Corporate Tax Rates for the Financial Year 2017

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Insurance, Governance, risk and compliance, Regulatory framework, Life insurance, Property insurance, Motor insurance, Liability insurance, Marine, aviation and transit insurance, Personal accident and health insurance, Compulsory insurance, Licensing requirements, Minimum capital requirements, Solvency requirements, Non-admitted insurance, Reserve requirements, Investment regulations, Licensing fee, Authorization fee, Risk-based capital framework, Accounting standards, Returns requirement, Consumer protection, Law, Regulation, Act, Tax, Insurance premium tax, Corporate tax, VAT, Legal system, Court system

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