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Tunisia Insurance Industry - Governance, Risk and Compliance

October 2020 | 50 pages | ID: T66DC7F76997EN
GlobalData

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Tunisia Insurance Industry - Governance, Risk and Compliance

SUMMARY

GlobalData’s 'Tunisia Insurance Industry - Governance, Risk and Compliance' report is the result of extensive research into the insurance regulatory framework in Tunisia.
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 GlobalData’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.
Key Highlights
  • The CGA regulates the insurance industry of Tunisia. It derives its power from the Insurance Code 1999, as amended in 2014.
  • Compulsory lines of insurance in Tunisia include third-party automobile insurance, work accident insurance and shipping, air and land goods import insurance.
  • Non-admitted insurance is not permitted in the Tunisian insurance industry.
  • The legal system of Tunisia is based on French civil law system and Islamic law.
  • Life insurance products are exempted from Insurance Premium Tax (IPT). For non-life insurance products, IPT varies from 5% to 10%.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Tunisia, including -
  • An overview of the insurance regulatory framework in Tunisia.
  • 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 Tunisia.
  • 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 Tunisia.
  • 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 Tunisia.
  • Track the latest regulatory changes, and expected changes impacting the Tunisian 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.
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 Workmen’s compensation
  2.4.3 Liability for ships with respect to oil pollution
  2.4.4 Decennial insurance for construction risks
  2.4.5 Fire insurance for industrial and commercial risks, and for hotels
  2.4.6 Transit insurance for imports by sea, air and land
  2.4.7 Pollution insurance cover for oil and gas companies
2.5 Supervision and Control
  2.5.1 International Association of Insurance Supervisors
  2.5.2 African Insurance Organization
  2.5.3 Comit? G?n?ral des Assurances
  2.5.4 The Tunisian Federation of Insurance Companies
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 (ADR)

3 APPENDIX

3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table2: Tunisia- Insurance Regulatory Framework Key Features
Table3: Tunisia- Life Insurance Regulatory Framework
Table4: Tunisia- Property Insurance Regulatory Framework
Table5: Tunisia- Motor Insurance Regulatory Framework
Table6: Tunisia- Liability Insurance Regulatory Framework
Table7: Tunisia- Tariff Rates for Motor Third-Party Liability Insurance
Table 8:Tunisia- Corporate Tax Rates for the Financial Year 2020

LIST OF FIGURES

Figure 1: Tunisia - Insurance Supervision and Control at Various Levels
Figure 2: Tunisia- Insurance Regulatory Frameworks for Company Registration and Operation


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