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Governance, Risk and Compliance – The Guyanese Insurance Industry

Governance, Risk and Compliance – The Guyanese Insurance Industry

Publishing Date : Jan, 2018

License Type :

Report Code : 867309

No of Pages : 40

Synopsis
Governance, Risk and Compliance – The Guyanese Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Guyana.

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 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 into the governance, risk and compliance framework pertaining to the insurance industry in Guyana, including:

• An overview of the insurance regulatory framework in Guyana.

• 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 Guyana.

• 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 Guyana.

• 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 Guyana.

• Track the latest regulatory changes, and expected changes impacting the Guyanese 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 insurance industry in Guyana is regulated by the Bank of Guyana.

• Composite insurance is permitted in Guyana.

• The government of Guyana permits 100% FDI in the insurance industry.

• Non-admitted insurance is not permitted in Guyana.

• Motor third-party liability insurance is compulsory in Guyana.

Companies Mentioned
Guyana & Trinidad Mutual Life Insurance Company Ltd
Hand-in-Hand Mutual Life Assurance Company Ltd
North American Life Insurance Company Ltd
Caricom General Insurance Company Inc.
The Demerara Fire and General Insurance Company Ltd
North American Fire & General Insurance Company Ltd

Geographical Area
Guyana
Index
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 security insurance
2.4.2 Motor third-party liability insurance
2.5 Supervision and Control
2.5.1 Caribbean Association of Insurance Regulators
2.5.2 The Insurance Association of the Caribbean
2.5.3 Bank of Guyana
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
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: Guyana – Insurance Regulatory Framework Key Features
Table 3: Guyana – Life Insurance Regulatory Framework
Table 4: Guyana – Property Insurance Regulatory Framework
Table 5: Guyana – Motor Insurance Regulatory Framework
Table 6: Guyana – Liability Insurance Regulatory Framework
Table 7: Guyana – Corporate Tax Rates for the Financial Year 2015

List of Figures
Figure 1: Guyana– Insurance Supervision and Control at Various Levels
Figure 2: Guyana – Insurance Regulatory Frameworks for Company Registration and Operation

Published By : Timetric