Governance, Risk and Compliance - The Senegalese Insurance Industry

Governance, Risk and Compliance - The Senegalese Insurance Industry


  • Products Id :- IS0130RR
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  • Pages: 46
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Executive Summary

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

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 Senegal, including:

An overview of the insurance regulatory framework in Senegal

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 Senegal

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 Senegal.

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 Senegal.

Track the latest regulatory changes, and expected changes impacting the Senegalese 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 Senegalese insurance industry is regulated by the CRCA at the regional level and by the DA at the national level.

Composite insurance is not permitted in Senegal.

100% FDI is permitted in the Senegalese insurance industry.

Insurance companies from CIMA member states are permitted to operate in Senegal without a license.

Key classes of compulsory insurance include motor third-party liability insurance, marine hull insurance and professional indemnity insurance for insurance intermediaries.



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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 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 Regional des Assurances (CRCA)

2.5.3 Directions des Assurances (DA)

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: Senegal - Insurance Supervision and Control at Various Levels

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

Table 1: Insurance Industry Definitions

Table 2: Senegal - Insurance Regulatory Framework Key Features

Table 3: Senegal - Life Insurance Regulatory Framework

Table 4: Senegal - Property Insurance Regulatory Framework

Table 5: Senegal - Motor Insurance Regulatory Framework

Table 6: Senegal - Liability Insurance Regulatory Framework

Table 7: Senegal - Taxes on Insurance Premiums

Table 8: Senegal - Corporate Tax Rates for the Financial Year 2015

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CICA Re

African Re

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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