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Market Research Report

Governance, Risk and Compliance - The Burundian Insurance Industry

Published by GlobalData Product code 333073
Published Content info 54 Pages
Delivery time: 1-2 business days
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Governance, Risk and Compliance - The Burundian Insurance Industry
Published: September 14, 2018 Content info: 54 Pages
Description

GlobalData's "Governance, Risk and Compliance - The Burundian Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Burundi.

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.

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

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

Key Highlights

  • The Burundi an insurance industry is regulated by the ARCA
  • Motor third-party liability insurance, professional indemnity insurance for doctors, professional indemnity insurance for lawyers, insurance for administrative buildings against fire or explosion, civil liability insurance for operators of commercial buildings against fire or explosion, construction risk insurance, professional liability insurance for brokers and import insurance are compulsory in Burundi
  • Composite insurance is not permitted in Burundi.
  • Non-admitted insurance is not permitted by law. However, risks for which local capacity is not available are permitted to be placed with unauthorized insurers
  • 100% FDI is permitted in the Burundian insurance industry.

Scope

  • The report covers details of the insurance regulatory framework in Burundi.
  • 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 Burundi.
  • Track the latest regulatory changes, and expected changes impacting the Burundian 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.
Table of Contents
Product Code: GDIS0175RR

Table of Contents

1 INTRODUCTION 6

  • 1.1 What is this Report About? 6
  • 1.2 Definitions 6

2 GOVERNANCE, RISK AND COMPLIANCE 8

  • 2.1 Legislation Overview and Historical Evolution 9
  • 2.2 Latest Changes in Regulation 10
  • 2.3 Legislation and Market Practice by Type of Insurance 16
    • 2.3.1 Life insurance 18
    • 2.3.2 Property insurance 20
    • 2.3.3 Motor insurance 22
    • 2.3.4 Liability insurance 23
    • 2.3.5 Marine, aviation and transit insurance 24
    • 2.3.6 Personal accident and health insurance 24
  • 2.4 Compulsory Insurance 25
    • 2.4.1 Motor third-party liability insurance 25
    • 2.4.2 Professional indemnity insurance for doctors 28
    • 2.4.3 Professional indemnity insurance for lawyers 29
    • 2.4.4 Civil liability insurance for operators of commercial buildings against fire or explosion 30
    • 2.4.5 Insurance for administrative buildings against fire or explosion 31
    • 2.4.6 Construction risk insurance 31
    • 2.4.7 Financial guarantee/professional liability insurance for insurance intermediaries 32
    • 2.4.8 Insurance for import of goods 33
  • 2.5 Supervision and Control 35
    • 2.5.1 The African Insurance Organization 35
    • 2.5.2 Agency of Regulation and Insurance Supervision 36
  • 2.6 Non-Admitted Insurance Regulations 37
    • 2.6.1 Overview 37
    • 2.6.2 Intermediaries 37
    • 2.6.3 Market practices 38
    • 2.6.4 Fines and Penalties 38
  • 2.7 Company Registration and Operations 39
    • 2.7.1 Type of insurance organization 40
    • 2.7.2 Establishing a local company 40
    • 2.7.3 Foreign ownership 41
    • 2.7.4 Types of license 41
    • 2.7.5 Capital requirements 42
    • 2.7.6 Solvency margin 42
    • 2.7.7 Reserve requirements 44
    • 2.7.8 Investment regulations 44
    • 2.7.9 Statutory return requirements 45
    • 2.7.10 Fee structure 45
  • 2.8 Taxation 47
    • 2.8.1 Insurance premium or policy taxation 47
    • 2.8.2 Withholding taxes on premium paid overseas 47
    • 2.8.3 Corporate tax 47
    • 2.8.4 VAT 48
    • 2.8.5 Captives 48
  • 2.9 Legal System 49
    • 2.9.1 Introduction 49
    • 2.9.2 Access to court 49
    • 2.9.3 Alternative dispute resolution 50

3 APPENDIX 51

  • 3.1 Methodology 51
  • 3.2 Contact GlobalData 51
  • 3.3 About GlobalData 52
  • 3.4 GlobalData's Services 53
  • 3.5 Disclaimer 54

List of Tables

  • Table 1: Insurance Industry Definitions 6
  • Table 2: Burundi - Insurance Regulatory Framework Key Features 8
  • Table 3: Burundi - Non-life Insurance - Commission Rates for Insurance Brokers 12
  • Table 4: Burundi - Fees for Services Rendered by the ARCA 12
  • Table 5: Burundi - Life Insurance Regulatory Framework 18
  • Table 6: Burundi - Property Insurance Regulatory Framework 20
  • Table 7: Burundi - Motor Insurance Regulatory Framework 22
  • Table 8: Burundi - Liability Insurance Regulatory Framework 23
  • Table 9: Burundi - Corporate Tax Rates for the Financial Year 2018 47

List of Figures

  • Figure 1: Burundi - Insurance Supervision and Control at Various Levels 35
  • Figure 2: Burundi - Insurance Regulatory Frameworks for Company Registration and Operation 39
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