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Guyana Insurance Industry – Governance, Risk and Compliance

Guyana Insurance Industry – Governance, Risk and Compliance

Summary

?Guyana Insurance Industry – Governance, Risk and Compliance' 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.

Key Highlights

– The Bank of Guyana regulates and supervises Guyana insurance industry.

– The provisions of the Insurance Act 1931 and the Code of Commerce govern the life and non-life insurance businesses in Guyana.

– Composite insurance is not permitted in the country.

– Insurance for motor vehicles and workmen's compensation are mandatory, as is insurance for pension fund administrators to guarantee performance.

– Non-admitted insurers and intermediaries are not permitted to operate in the insurance industry.

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 the country.

– 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

– 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.

Table of content

Table of Contents
GUYANA
Legislation Overview
Supervision and Control
Legislation
Compulsory Insurance
Non-Admitted Insurance Regulations
Company Registration and Operation
License
Foreign Direct Investment / Ownership
Minimum Capital Requirements
Solvency Margins
Reserve Requirements
Statutory Return Requirements
Fee Structure
Taxation
Tax on Insurance Premium
Corporate Income Tax
Captives
Corporate Capital Gains Tax
Value Added Tax
Legal System
Policy Practice
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