Governance, Risk and Compliance - The Antigua and Barbuda Insurance Industry

Published: Feb, 2018 | Pages: 43 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

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

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 Antigua and Barbuda , including:

• An overview of the insurance regulatory framework in Antigua and Barbuda .

• 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 Antigua and Barbuda .

• 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 Antigua and Barbuda .

• 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 Antigua and Barbuda .

• Track the latest regulatory changes, and expected changes impacting the Antigua and Barbuda 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 Antigua and Barbuda insurance industry is regulated by the FSRC.

• Composite insurance is permitted in the country

• Non-admitted insurance is not permitted. However; non-admitted reinsurance is permitted.

• Insurance premium tax is imposed at the rate of 3%.

• MTPL, workmen's compensation, marine third-party liability, and personal indemnity insurance for insurance brokers are compulsory in Antigua and Barbuda

 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 Workmen's compensation insurance 
2.4.3 Marine third-party liability insurance 
2.4.4 Liability for ships with respect to oil pollution 
2.5 Supervision and Control 
2.5.1 Eastern Caribbean Central Bank 
2.5.2 Caribbean Association of Insurance Regulators 
2.5.3 The Insurance Association of the Caribbean 
2.5.4 Financial Services Regulatory Commission 
2.6 Non-Admitted Insurance Regulations 
2.6.1 Overview 
2.6.2 Intermediaries 
2.6.3 Market practice 
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 Timetric 
3.3 About Timetric 
3.4 Timetric's Services 
3.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions 
Table 2: Antigua and Barbuda - Insurance Regulatory Framework Key Features
Table 3: Antigua and Barbuda - Life Insurance Regulatory Framework 
Table 4: Antigua and Barbuda - Property Insurance Regulatory Framework 
Table 5: Antigua and Barbuda- Motor Insurance Regulatory Framework 
Table 6: Antigua and Barbuda - Liability Insurance Regulatory Framework 
Table 7: Antigua and Barbuda - Corporate Tax Rates for the Financial Year 2017

List of Figures

Figure 1: Antigua and Barbuda - Insurance Supervision and Control at Various Levels 
Figure 2: Antigua and Barbuda - Insurance Regulatory Frameworks for Company Registration and Operation