Governance, Risk and Compliance - The Haitian Insurance Industry

Published: Oct, 2017 | Pages: 37 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

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

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 Haiti, including:

• An overview of the insurance regulatory framework in Haiti.

• 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 Haiti.

• 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 Haiti.

• 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 Haiti.

• Track the latest regulatory changes, and expected changes impacting the Haitian 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 Haitian insurance industry is regulated by the Ministere de l'Economie et des Finances.

• The government is planning to introduce a new insurance law, for which the draft was issued in November 2016.

• Motor third-party liability insurance and workmen's compensation insurance are key classes of compulsory insurance in the Haitian insurance industry.

• Insurance policies issued in the country are subject to insurance premium tax of 5% on life insurance and 10% on non-life insurance.

• Non-admitted insurance is not permitted in the insurance industry of Haiti.

 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 Social security scheme 
2.4.2 Motor third-party liability insurance 
2.5 Supervision and Control 
2.5.1 The Insurance Association of the Caribbean 
2.5.2 Ministry of Economy and Finance 
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 Servies 
3.5 Disclaimer

List of Tables

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