Governance, Risk and Compliance - The Yemeni Insurance Industry

Published: Dec, 2016 | Pages: 35 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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

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 Yemen, including:

• An overview of the insurance regulatory framework in Yemen.

• 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 Yemen.

• 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 Yemen.

• 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 Yemen.

• Track the latest regulatory changes, and expected changes impacting the Yemeni 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 Ministry of Industry and Trade, the regulatory authority, is responsible for the protection of consumer interests and the development of the insurance industry.

• Foreign direct investment in a Yemeni insurance company is allowed up to a maximum of 49%. However, foreign reinsurers can open branches in Yemen by obtaining a license from the Ministry of Industry and Trade.

• The government of Yemen is planning to introduce the Social Health Insurance Law in the country, which will make health insurance mandatory for government employees.

• Non-admitted insurance is not permitted in Yemen.

• Insurance companies operating in Yemen are not subject to solvency requirement

 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 health insurance 
2.4.2 Liability for oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors 
2.5.2 The Ministry of Industry and Trade 
2.5.3 Yemeni Insurance Union 
2.6 Non-Admitted Insurance Regulation 
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 (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: Yemen - Insurance Regulatory Framework Key Features 
Table 3: Yemen - Life Insurance Regulatory Framework 
Table 4: Yemen - Property Insurance Regulatory Framework 
Table 5: Yemen - Motor Insurance Regulatory Framework
Table 6: Yemen - Liability Insurance Regulatory Framework 
Table 7: Yemen - Corporate Tax Rates for the Financial Year 2016