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Governance, Risk and Compliance – The Andorran Insurance Industry

Published: Jul-2015 | Format: PDF | Timetric | Number of pages: 29 | Code: MRS - 23755


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


The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Andorra, including:

• An overview of the insurance regulatory framework in Andorra.

• The latest key changes and changes expected in the Andorran 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 Andorra.

• 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.


• This report covers details of the insurance regulatory framework in Andorra.

• 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 insurance regulatory framework in Andorra.

• 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.

• Legal system prevailing in the country has also been covered under the purview of the report.

Reasons To Buy

• Gain insights into the insurance regulatory framework in Andorra

• Track latest regulatory changes and expected changes impacting the Andorran insurance industry

• Gain detailed information about 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 Andorran insurance industry is regulated by the Ministry of Finance.

• 100% FDI is permitted in the Andorran insurance industry.

• Reinsurance premiums paid overseas are subject to withholding tax at a rate of 1.5%.

• Non-admitted insurance is not permitted, with a few exceptions.

• Motor third-party liability insurance, workers’ compensation insurance and health insurance are compulsory in Andorra.

Companies Mentioned

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 Social insurance
2.4.2 Motor third-party liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Ministry of Finance (MoF)
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

Table 1: Insurance Industry Definitions 
Table 2: Andorra – Insurance Regulatory Framework Key Features 
Table 3: Andorra – Life Insurance Regulatory Framework 
Table 4: Andorra – Property Insurance Regulatory Framework 
Table 5: Andorra – Motor Insurance Regulatory Framework 
Table 6: Andorra – Liability Insurance Regulatory Framework 
Table 7: Andorra – Corporate Tax Rate for the Financial Year 2015

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

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