Governance, Risk and Compliance - The Fijian Insurance Industry

Published: Jan, 2017 | Pages: 33 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Fiji, including:

• An overview of the insurance regulatory framework in Fiji.

• 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 Fiji.

• 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.

Synopsis

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

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.

Scope

• The report covers details of the insurance regulatory framework in Fiji.
• 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 Fiji.

• Track the latest regulatory changes, and expected changes impacting the Fijian 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 Fijian insurance industry is regulated by the Reserve Bank of Fiji.

• Non-admitted insurers and intermediaries are not permitted in the Fijian insurance industry. However, non-admitted treaty and facultative reinsurers are permitted in Fiji.

• The life and general insurance businesses in Fiji are regulated by the provisions of the Insurance Act 1998.

• Motor third-party liability insurance and workmen’s compensation insurance are mandatory policies in Fiji.

• The Fiji Islands Revenue and Customs Authority levies VAT at a rate of 12.5% on general insurance products, whereas life insurance products and services are exempted.

 Table of Content

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 Professional indemnity insurance and fidelity guarantee scheme for insurance brokers
2.4.4 Liability insurance for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 Reserve Bank of Fiji
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 Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Tables

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


List of Figures

Figure 1: Fiji – Insurance Regulatory Frameworks for Company Registration and Operation