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Governance, Risk and Compliance-The Ecuadorian Insurance Industry

Governance, Risk and Compliance-The Ecuadorian Insurance Industry


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Executive Summary

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

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 Ecuador, including:

An overview of the insurance regulatory framework in Ecuador.

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 Ecuador.

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 Ecuador.

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 Ecuador.

Track the latest regulatory changes, and expected changes impacting the 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 SBS does not permit composite insurance in the country. However, composite insurers established prior to 1998 can offer both life and non-life insurance products.

Non-admitted insurance is not permitted in the country and any such market practice is liable for legal action.

A favorable foreign direct investment environment and limited barriers to entry encourage international insurers to enter Ecuador.

New increased capital requirements could compel smaller insurers to merge with the larger ones.

Traffic accident insurance, general insurance under the Social Security Act, and aviation insurance are compulsory.

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 Traffic accident insurance

2.4.2 General insurance under the Social Security Act

2.4.3 Aviation insurance

2.4.4 Fire insurance for condominiums

2.4.5 Social security system

2.4.6 Liability for ships with respect to oil pollution

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Association of Insurance Supervisors Latin America

2.5.3 Superintendency of Banks and Insurance

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

3 Appendix

3.1 Methodology

3.2 Contact Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

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

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

Figure 3: Ecuador-Judiciary System

Table 1: Insurance Industry Definitions

Table 2: Ecuador-Insurance Regulatory Framework Key Features

Table 3: Ecuador-Life Insurance Regulatory Framework

Table 4: Ecuador-Property Insurance Regulatory Framework

Table 5: Ecuador-Motor Insurance Regulatory Framework

Table 6: Ecuador-Liability Insurance Regulatory Framework

Table 7: Ecuador-Compensation Provided by the Insurer in the Event of Accident

Table 8: Ecuador-List of Companies Authorized to Offer SOAT

Table 9: Ecuador-Aviation Insurance Cover

Table 10: Ecuador-Ratings Required for Registration of Reinsurance Business

Table 11: Ecuador-Taxes and Charges Levied on Insurance Premiums

Table 12: Ecuador-Issuing Fees Charged to the Insured by Insurer Based on Value of Premiums

Table 13: Ecuador-Corporate Tax Rates in Ecuador for the Financial Year 2016

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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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