Governance, Risk and Compliance - The Grenadian Insurance Industry
March 2018
44
About the Report
About the Report
Governance, Risk and Compliance-The Grenadian Insurance Industry
Summary
"Governance, Risk and Compliance-The Grenadian Insurance Industry", is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in Grenada. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report provides insurers with 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.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Grenada, including-
- An overview of the insurance regulatory framework in Grenada.
- 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 Grenada.
- 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.
Some of the Key Takeaway's of the report are-
- The Grenadian Authority for the Regulation of Financial Institution regulates the Grenadian insurance industry.
- Composite insurance is permitted in Grenadian insurance industry.
- Insurance levy at a rate of 1% is imposed on all insurance contracts except life insurance.
- Non-admitted insurance is not permitted in the Grenadian insurance industry. However, non-admitted reinsurers are permitted.
- It is compulsory for all companies/businesses operating in Grenada to register with the National Insurance Scheme.
Scope
- The report covers details of the insurance regulatory framework in Grenada.
- 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 Grenada.
- Track the latest regulatory changes, and expected changes impacting the Grenadian 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.
Products
Table of Contents
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 Social security scheme
2.4.3 Liability insurance for ship owners in respect of oil pollution
2.4.4 Banana insurance (State scheme)
2.5 Supervision and Control
2.5.1 Eastern Caribbean Central Bank
2.5.2 Caribbean Association of Insurance Regulators
2.5.3 Grenada Authority for the Regulation of Financial Institutions
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
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: Grenada-Insurance Supervision and Control at Various Levels
Figure 2: Grenada-Insurance Regulatory Frameworks for Company Registration and Operation
List of Table
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Grenada-Insurance Regulatory Framework Key Features
Table 3: Grenada-Life Insurance Regulatory Framework
Table 4: Grenada-Property Insurance Regulatory Framework
Table 5: Grenada-Motor Insurance Regulatory Framework
Table 6: Grenada-Liability Insurance Regulatory Framework
Table 7: Grenada-Corporate Tax Rates for the Financial Year 2018
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