Governance, Risk and Compliance - The Syrian Insurance Industry

Published: Aug, 2015 | Pages: 30 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric’s 'Governance, Risk and Compliance – The Syrian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Syria. 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 operations 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, recent and upcoming changes in 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 insurance industry in Syria including:

• An overview of the insurance regulatory framework in Syria

• The latest key changes and changes expected in Syria's 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 Syria

• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations

• Details of the tax and legal systems in the country

Scope
• This report covers details of insurance regulatory framework in Syria.

• The report contains details of 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 rules and regulations pertaining to the establishment and operation of insurance business in the country.

• The report provides details of taxation imposed on insurance products and companies.

• Details of the country's legal system are also covered in the report.

Reasons To Buy
• Gain insights into the insurance regulatory framework in Syria.

• Track latest regulatory changes and expected changes impacting the Syrian insurance industry.

• Gain detailed information about the key regulations governing 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 Syrian insurance industry is regulated by the Syrian Insurance Supervisory Commission.

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

• Composite insurance is allowed in Syrian insurance industry.

• The government of Syria does not impose VAT on goods and services.

• Workmen’s compensation, motor third-party liability insurance and marine cargo insurance on imports are the key compulsory classes of insurance in the Syrian insurance industry.

 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 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 Workmen’s compensation
2.4.2 Motor third-party liability insurance
2.5 Supervision and Control
2.5.1 Syrian Insurance Supervisory Commission (SISC)
2.5.2 Syrian Insurance Federation (SIF)
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: Syria – Insurance Regulatory Framework Key Features 
Table 3: Syria – Life Insurance Regulatory Framework 
Table 4: Syria – Property Insurance Regulatory Framework 
Table 5: Syria – Motor Insurance Regulatory Framework 
Table 6: Syria – Liability Insurance Regulatory Framework 
Table 7: Syria – Corporate Tax Rate for the Financial Year 2015

List of Figures
Figure 1: Syria – Insurance Regulatory Frameworks for Company Registration and Operation