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Market Research Report

Governance, Risk and Compliance - The Pakistani Insurance Industry

Published by GlobalData Product code 335612
Published Content info 63 Pages
Delivery time: 1-2 business days
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Governance, Risk and Compliance - The Pakistani Insurance Industry
Published: September 28, 2018 Content info: 63 Pages
Description

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

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 Pakistan, including -

  • An overview of the insurance regulatory framework in Pakistan.
  • 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 Pakistan.
  • 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 SECP is the regulatory body for supervising and regulating the insurance industry.
  • The government of Pakistan allows 100% FDI in the country's insurance industry.
  • Non-admitted insurance is not permitted in Pakistan. However, unlicensed insurers are permitted to sell reinsurance and marine export cargo insurance contracts in the country.
  • Compulsory classes of insurance include motor third-party liability insurance and workmen's compensation insurance.
  • Composite insurance is not permitted in Pakistan.
  • The SECP has proposed to increase minimum capital requirements for insurers.

Scope

  • The report covers details of the insurance regulatory framework in Pakistan.
  • 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 Pakistan.
  • Track the latest regulatory changes, and expected changes impacting the Serbian 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: GDIS0038RR

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 11
  • 2.3 Legislation and Market Practice by Type of Insurance 22
    • 2.3.1 Life insurance 24
    • 2.3.2 Property insurance 27
    • 2.3.3 Motor insurance 28
    • 2.3.4 Liability insurance 29
    • 2.3.5 Marine, aviation and transit insurance 29
    • 2.3.6 Personal accident and health insurance 32
  • 2.4 Compulsory Insurance 34
    • 2.4.1 Motor third-party liability insurance 34
    • 2.4.2 Workmen's compensation insurance 35
    • 2.4.3 Professional indemnity insurance for insurance brokers 35
    • 2.4.4 Professional indemnity insurance for insurance surveyors 35
    • 2.4.5 Liability insurance for ships with respect to oil pollution 36
  • 2.5 Supervision and Control 37
    • 2.5.1 International Association of Insurance Supervisors 37
    • 2.5.2 Securities and Exchange Commission of Pakistan 38
    • 2.5.3 Insurance Association of Pakistan 38
  • 2.6 Non-Admitted Insurance Regulations 39
    • 2.6.1 Overview 39
    • 2.6.2 Intermediaries 40
    • 2.6.3 Market practices 40
    • 2.6.4 Fines and Penalties 40
  • 2.7 Company Registration and Operations 42
    • 2.7.1 Type of insurance organization 43
    • 2.7.2 Establishing a local company 43
    • 2.7.3 Foreign ownership 45
    • 2.7.4 Types of license 46
    • 2.7.5 Capital requirements 47
    • 2.7.6 Solvency margin 48
    • 2.7.7 Reserve requirements 50
    • 2.7.8 Investment regulations 50
    • 2.7.9 Statutory return requirements 51
    • 2.7.10 Fee structure 53
  • 2.8 Taxation 54
    • 2.8.1 Insurance premium or policy taxation 54
    • 2.8.2 Withholding taxes on premium paid overseas 54
    • 2.8.3 Corporate tax 54
    • 2.8.4 VAT 55
    • 2.8.5 Captives 55
  • 2.9 Legal System 56
    • 2.9.1 Introduction 56
    • 2.9.2 Access to court 56
    • 2.9.3 Alternative dispute resolution 58

3 APPENDIX 60

  • 3.1 Methodology 60
  • 3.2 Contact GlobalData 60
  • 3.3 About GlobalData 61
  • 3.4 GlobalData's Services 62
  • 3.5 Disclaimer 63

List of Tables

  • Table 1: Insurance Industry Definitions 6
  • Table 2: Pakistan - Insurance Regulatory Framework Key Features 8
  • Table 3: Pakistan- Life Insurance Regulatory Framework 24
  • Table 4: Pakistan- Minimum Financial Protection for Unit-linked insurance Products 25
  • Table 5: Pakistan- Property Insurance Regulatory Framework 27
  • Table 6: Pakistan - Motor Insurance Regulatory Framework 28
  • Table 7: Pakistan - Liability Insurance Regulatory Framework 29
  • Table 8: Pakistan - Corporate Tax Rates for the Financial Year 2018 55

List of Figures

  • Figure 1: Pakistan - Insurance Supervision and Control at Various Levels 37
  • Figure 2: Pakistan - Insurance Regulatory Frameworks for Company Registration and Operation 42
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