Governance, Risk and Compliance - The Turkmen Insurance Industry

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

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

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 Turkmenistan, including:

An overview of the insurance regulatory framework in Turkmenistan.

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 Turkmenistan.

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 Turkmenistan.

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 Turkmenistan.

Track the latest regulatory changes, and expected changes impacting the Turkmen 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 Turkmen insurance industry is supervised and regulated by the Ministry of Finance.

The government permits up to 49% FDI in the Turkmen insurance industry.

Composite insurance is permitted in Turkmenistan.

Non-admitted insurance is prohibited in Turkmenistan. However, reinsurers can operate on a cross-border basis provided the undertaking takes place outside Turkmenistan.

Motor third-party liability, personal insurance for accidents and occupational diseases for workers employed in high-risk manufacture, and passenger's liability insurance (state scheme) are compulsory classes of insurance.

 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 Trends 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 Personal insurance for accidents and occupational diseases of workers employed in high-risk manufacture
2.4.3 Government insurance for passengers of all types of transportation, flight crews and employees of railway, seaway, inland waterway and automobile transports
2.4.4 Introduction of new ecological insurance
2.5 Supervision and Control
2.5.1 The Ministry of 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 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
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: Turkmenistan - Insurance Regulatory Framework Key Features
Table 3: Turkmenistan - Life Insurance Regulatory Framework
Table 4: Turkmenistan - Property Insurance Regulatory Framework
Table 5: Turkmenistan - Motor Insurance Regulatory Framework
Table 6: Turkmenistan - Liability Insurance Regulatory Framework
Table 7: Turkmenistan - Corporate Tax Rates for the Financial Year 2015