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Market Research Report

Lebanon Insurance Industry - Governance, Risk and Compliance

Published by GlobalData Product code 999248
Published Content info 45 Pages
Delivery time: 1-2 business days
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Lebanon Insurance Industry - Governance, Risk and Compliance
Published: March 23, 2021 Content info: 45 Pages
Description

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

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.

Key Highlights

  • The Lebanese insurance industry is regulated by the Insurance Control Commission, under the Ministry of Economy and Commerce.
  • The Lebanese insurance industry allows foreign direct investment.
  • The life and general insurance businesses in Lebanon are regulated by the provisions of the Insurance Law, amended in 2002.
  • The motor third-party liability insurance, work injury fund and Universal Healthcare fund are mandatory in Lebanon.
  • Non-admitted insurers and intermediaries are not permitted in the Lebanese insurance industry.

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

  • An overview of the insurance regulatory framework in Lebanon.
  • 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 Lebanon.
  • 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 Lebanon.
  • 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 Lebanon.
  • Track the latest regulatory changes, and expected changes impacting Lebanese 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: GDIS0005RR

Table of Contents

Table of Contents

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 (bodily injury only)
    • 2.4.2 Work injury cover scheme
    • 2.4.3 Universal health cover scheme
    • 2.4.4 Liability for ship owners in respect of oil pollution
    • 2.4.5 Foreign worker insurance coverage
    • 2.4.6 Hunting insurance
  • 2.5 Supervision and Control
    • 2.5.1 International Association of Insurance Supervisors
    • 2.5.2 Insurance Control Commission
    • 2.5.3 Association des Compagnies d'Assurances au Liban
  • 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 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 (ADR)

3 APPENDIX

  • 3.1 Methodology
  • 3.2 Contact GlobalData
  • 3.3 About GlobalData
  • 3.4 GlobalData's Services
  • 3.5 Disclaimer

List of Tables

List of Tables

  • Table 1: Insurance Industry Definitions
  • Table 2: Lebanon - Insurance Regulatory Framework Key Features
  • Table 3: Lebanon - Life Insurance Regulatory Framework
  • Table 4: Lebanon - Property Insurance Regulatory Framework
  • Table 5: Lebanon - Motor Insurance Regulatory Framework
  • Table 6: Lebanon - Liability Insurance Regulatory Framework
  • Table 7: Lebanon - Third-Party Liability Cover Limits
  • Table 8: Lebanon - Foreign worker insurance coverage
  • Table 9: Lebanon - Third-party liability cover limits in hunting insurance
  • Table 10: Lebanon - Deemed Profit Rates
  • Table 11: Lebanon - Corporate Tax Rates for the Financial Year 2021

List of Figures

List of Figures

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