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Governance, Risk and Compliance - The Gambian Insurance Industry

Published: Aug-2015 | Format: PDF | Timetric | Number of pages: 30 | Code: MRS - 30234


Timetric’s 'Governance, Risk and Compliance – The Gambian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in the Gambia. 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 insurance industry in the Gambia including:

• An overview of the insurance regulatory framework in the Gambia.

• The latest key changes and changes expected in the Gambia'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 the Gambia

• 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 insurance regulatory framework in the Gambia.

• 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 country's insurance regulatory framework.

• 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.

• Details of the country's legal system are also covered in the report.

Reasons To Buy

• Gain insights into the insurance regulatory framework in the Gambia.

• Track latest regulatory changes and expected changes impacting the Gambian insurance industry.

• Gain detailed information about the key regulations governing 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 Gambian insurance industry is regulated by the Central Bank of the Gambia.

• Motor third-party liability insurance is compulsory in the Gambia.

• Non-admitted insurance is prohibited, with a few exceptions.

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

• Insurance premium tax is not imposed on insurance products and services in the Gambian insurance industry.

Companies Mentioned

Northern Assurance Co Ltd
Gambia National Insurance Company Ltd
Capital Insurance Co Ltd
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 Motor third-party liability insurance 
2.5 Supervision and Control 
2.5.1 Central Bank of the Gambia (CBG) 
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: The Gambia – Insurance Regulatory Framework Key Features
Table 3: The Gambia – Life Insurance Regulatory Framework
Table 4: The Gambia – Property Insurance Regulatory Framework
Table 5: The Gambia – Motor Insurance Regulatory Framework
Table 6: The Gambia – Liability Insurance Regulatory Framework
Table 7: The Gambia – Corporate Tax Rates for the Financial Year 2015

Figure 1: The Gambia – Insurance Regulatory Frameworks for Company Registration and Operation

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