Governance, Risk and Compliance – The Democratic Republic of Congo Insurance Industry

Date: July 31, 2017
Pages: 46
Price:
US$ 950.00 US$ 808.00
Offer valid until August 31, 2017!
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: G78CE2A8A49EN
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Governance, Risk and Compliance – The Democratic Republic of Congo Insurance Industry
SYNOPSIS

Timetric’s 'Governance, Risk and Compliance – The Democratic Republic of Congo Insurance Industry' report is the result of extensive research into the insurance regulatory framework in the Democratic Republic of Congo.

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 intoThe governance, risk and compliance framework pertaining toThe insurance industry inThe Democratic Republic of Congo, including:
  • An overview ofThe insurance regulatory framework inThe Democratic Republic of Congo.
  • The latest key changes, and changes expected inThe country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product inThe country.
  • Rules and regulations pertaining to key classes of compulsory insurance, andThe scope of non-admitted insurance inThe Democratic Republic of Congo.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details ofThe tax and legal systems inThe country.
SCOPE
  • The report covers details of the insurance regulatory framework in the Democratic Republic of Congo.
  • 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 the Democratic Republic of Congo.
  • Track the latest regulatory changes, and expected changes impacting the Democratic Republic of Congo 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 DRC’s insurance industry is regulated by ARCA.
  • The placement of non-admitted insurance is not permitted in the DRC insurance industry.
  • 100% FDI is permitted in the DRC insurance industry.
  • Composite insurers are not permitted in the DRC.
  • Motor third-party liability insurance, workers' compensation insurance (state scheme), aviation insurance and civil liability insurance for maritime, river and lake carriers or inland waterways are the key classes of compulsory insurance in the DRC.
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 Motor third-party liability insurance
  2.4.2 Fire insurance
  2.4.3 Professional indemnity insurance
  2.4.4 Aviation liability insurance
  2.4.5 Civil liability insurance for maritime, river and lake carriers or inland waterways
  2.4.6 Construction risks insurance
  2.4.7 Decennial liability insurance
  2.4.8 Import insurance
2.5 Supervision and Control
  2.5.1 African Insurance Organization
  2.5.2 Autorité de Régulation et de Contrôle des Assurances
  2.5.3 Insurance Advisory Council
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 Services
3.5 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: Democratic Republic of Congo – Insurance Regulatory Framework Key Features
Table 3: Democratic Republic of Congo – Life Insurance Regulatory Framework
Table 4: Democratic Republic of Congo – Property Insurance Regulatory Framework
Table 5: Democratic Republic of Congo – Motor Insurance Regulatory Framework
Table 6: Democratic Republic of Congo – Liability Insurance Regulatory Framework
Table 7: Democratic Republic of Congo – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 8: Democratic Republic of Congo – Corporate Tax Rates for the Financial Year 2017

LIST OF FIGURES

Figure 1: Democratic Republic of Congo – Insurance Supervision and Control at Various Levels
Figure 2: Democratic Republic of Congo – Insurance Regulatory Frameworks for Company Registration and Operation

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