Governance, Risk and Compliance - The Libyan Insurance Industry

Published: Dec, 2015 | Pages: 28 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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

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 Libya, including:

 An overview of the insurance regulatory framework in Libya

 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 Libya

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

 An overview of the insurance regulatory framework in Libya

 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 Libya

 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

Reasons To Buy
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Libya, including:

 An overview of the insurance regulatory framework in Libya

 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 Libya

 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

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

 An overview of the insurance regulatory framework in Libya

 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 Libya

 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

 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 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 Motor third-party liability insurance
2.4.2 Social insurance system
2.5 Supervision and Control
2.5.1 African Insurance Organization
2.5.2 Insurance Department of the General People's Committee for Economy, Trade and Investment
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 (ADR)
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: Libya - Insurance Regulatory Framework Key Features
Table 3: Libya - Life Insurance Regulatory Framework
Table 4: Libya - Property Insurance Regulatory Framework
Table 5: Libya - Motor Insurance Regulatory Framework
Table 6: Libya - Liability Insurance Regulatory Framework
Table 7: Libya - Corporate Tax Rates for the Financial Year 2015