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Governance, Risk and Compliance – The Beninese Insurance Industry

Published: Jun-2017 | Format: PDF | Timetric | Number of pages: 54 | Code: MRS - 149365

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

• An overview of the insurance regulatory framework in Benin.

• 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 Benin.

• 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.
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 Professional indemnity insurance for insurance intermediaries 
2.4.3 Workmen’s compensation 
2.5 Supervision and Control 
2.5.1 International Association of Insurance Supervisors 
2.5.2 Commission Regional des Assurances 
2.5.3 Direction du Contrôle des Assurances 
2.6 Non-Admitted Insurance Regulations 
2.6.1 Overview 32
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 

                        
            

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