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Executive Summary Synopsis Timetric's Governance, Risk and Compliance - The Togolese Insurance Industry report is the result of extensive research into the insurance regulatory framework in Togo. 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 Togo, including: An overview of the insurance regulatory framework in Togo. 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 Togo. 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 Togo. 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 Togo. Track the latest regulatory changes, and expected changes impacting the 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 Togolese insurance industry is regulated by the CRCA at the regional level and by the DNA at the national level. Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries. Insurance companies from CIMA member states are permitted to operate in Togo without a license. 100% FDI is permitted in the Togolese insurance industry. Composite insurance is not permitted in Togo. Read More Contact Us:
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 Direction Nationale des Assurances (DNA) 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: Togo - Insurance Supervision and Control at Various Levels Figure 2: Togo - Insurance Regulatory Frameworks for Company Registration and Operation Table 1: Insurance Industry Definitions Table 2: Togo - Insurance Regulatory Framework Key Features Table 3: Togo - Insurance Intermediary Remuneration Table 4: Togo - Life Insurance Regulatory Framework Table 5: Togo - Property Insurance Regulatory Framework Table 6: Togo - Motor Insurance Regulatory Framework Table 7: Togo - Liability Insurance Regulatory Framework Table 8: Togo - Insurance Premium Tax Rates Table 9: Togo - Corporate Tax Rates for the Financial Year 2015 Single User License: Site License: Corporate User License: CICA Re Africa 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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