Governance, Risk and Compliance-The Palestinian Insurance Industry

Governance, Risk and Compliance-The Palestinian Insurance Industry


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  • Pages: 40
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Executive Summary

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

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 Palestine, including:

An overview of the insurance regulatory framework in Palestine.

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 Palestine.

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 Palestine.

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 Palestine.

Track the latest regulatory changes, and expected changes impacting the Palestinian 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 Palestinian insurance industry is supervised and regulated by the Palestine Capital Market Authority.

Up to 49% FDI is allowed in the Palestinian insurance industry.

The placement of non-admitted insurance and reinsurance contracts is completely prohibited in Palestine.

Composite insurance is permitted in Palestine.

Motor insurance and workers' compensation insurance are compulsory in Palestine.



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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 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 Workers' compensation insurance

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Palestine Capital Market Authority (PCMA)

2.5.3 Palestinian Insurance Federation (PIF)

2.6 Non-Admitted Insurance Regulation

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 Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

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

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

Table 1: Insurance Industry Definitions

Table 2: Palestine-Insurance Regulatory Framework Key Features

Table 3: Palestine-Life Insurance Regulatory Framework

Table 4: Palestine-Property Insurance Regulatory Framework

Table 5: Palestine-Motor Insurance Regulatory Framework

Table 6: Palestine-Liability Insurance Regulatory Framework

Table 7: Palestine-Minimum Tariff for Mechanical Vehicle Insurance

Table 8: Palestine-Minimum Tariff for Workmen's Compensation Insurance

Table 9: Palestine-Deposit Requirements

Table 10: Palestine-Corporate Tax Rates for the Financial Year 2016

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License:
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

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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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