Governance, Risk and Compliance - The Macau Insurance Industry

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 Employees' compensation insurance

2.4.3 Professional liability insurance in relation to the fixing of propaganda and publicity material

2.4.4 Professional liability insurance for lawyers

2.4.5 Professional liability insurance for travel agents

2.4.6 Third party liability insurance for pleasure boat

2.4.7 Professional liability insurance for healthcare providers

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Monetary Authority of Macau

2.5.3 Macau Insurers' Association

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 Figure

List of Figures

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

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

List of Table

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Macau-Insurance Regulatory Framework Key Features

Table 3: Macau-Minimum Credit Rating For Forting (Re)Insurance Companies

Table 4: Macau-Life Insurance Regulatory Framework

Table 5: Macau-Property Insurance Regulatory Framework

Table 6: Macau-Motor Insurance Regulatory Framework

Table 7: Macau-No-Claims Discount

Table 8: Macau-Liability Insurance Regulatory Framework

Table 9: Macau-Maximum Liability of Aircraft Operators for Third-party Damages

Table 10: Macau-Liability Limits for Motor Third-Party Liability Insurance

Table 11: Macau-Limits for Employees' Compensation Insurance

Table 12: Macau-Annual Premium Rates

Table 13: Macau-Premium Discount Rates

Table 14: Macau-Surcharge on Annual Premium Rates

Table 15: Macau-Minimum Liability Limits for Compulsory Insurance Covering Medical Professional

Table 16: Macau-Minimum Liability Limits for Compulsory Insurance Covering Medical Service Providers (Establishments)

Table 17: Macau-Rating Tariff and Deductible Limits for Professional Liability Insurance for Healthcare Professionals

Table 18: Macau-Premium Refund in case of Policy Termination

Table 19: Macau-Capital Requirement of Macanese Insurers and Reinsurers

Table 20: Macau-Margin of Solvency for Non-Life Insurers

Table 21: Macau-Margin of Solvency for Non-Life Reinsurers

Table 22: Macau-Investment Regulations for Insurers and Reinsurers

Table 23: Macau-Assets Guaranteeing Technical Reserves

Table 24: Macau-Credit Rating Requirements of the Debt Securities

Table 25: Macau-Annual Registration Fees for Insurance Intermediaries

Table 26: Macau-Corporate Income Tax Rates 2019

Table 27: Macau-Other Corporate Taxes