Governance, Risk and Compliance - The Botswanan Insurance Industry

Governance, Risk and Compliance - The Botswanan Insurance Industry

Summary

The "Governance, Risk and Compliance - The Botswanan Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Botswana.

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 The 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 Botswana, including -
- An overview of the insurance regulatory framework in Botswana.
- The latest key changes, and changes expected in the countrys 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 Botswana.
- 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 NBFIRA regulates and supervises the Botswanan insurance industry.
- Motor third-party liability, aviation, and professional indemnity are some of the mandatory insurance classes of insurance in Botswana.
- Composite insurance is not permitted in Botswana. However, life insurance companies are permitted to operate in accident and health insurance business.
- 100% FDI is permitted in the Botswanan insurance industry.
- Non-admitted insurance is prohibited. However, unauthorized insurers can insure risks not covered by local insurers.

Scope

- The report covers details of the insurance regulatory framework in Botswana.
- 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 countrys 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 Botswana.
- Track the latest regulatory changes, and expected changes impacting the Botswanan 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.

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 12
2.3.1 Life insurance 15
2.3.2 Property insurance 16
2.3.3 Motor insurance 17
2.3.4 Liability insurance 18
2.3.5 Marine, aviation and transit insurance 18
2.3.6 Personal accident and health insurance 18
2.4 Compulsory Insurance 19
2.4.1 Workers compensation 19
2.4.2 Motor third-party liability insurance 21
2.4.3 Professional indemnity insurance 23
2.4.4 Aviation liability insurance 23
2.5 Supervision and Control 24
2.5.1 International Association of Insurance Supervisors 24
2.5.2 Non-Bank Financial Institutions Regulatory Authority 25
2.6 Non-Admitted Insurance Regulations 26
2.6.1 Overview 26
2.6.2 Intermediaries 27
2.6.3 Market practices 27
2.6.4 Fines and Penalties 27
2.7 Company Registration and Operations 28
2.7.1 Type of insurance organization 29
2.7.2 Establishing a local company 29
2.7.3 Foreign ownership 31
2.7.4 Types of license 32
2.7.5 Capital requirements 33
2.7.6 Solvency margin 34
2.7.7 Reserve requirements 36
2.7.8 Investment regulations 36
2.7.9 Statutory return requirements 37
2.7.10 Fee structure 38
2.8 Taxation 40
2.8.1 Insurance premium or policy taxation 40
2.8.2 Withholding taxes on premium paid overseas 40
2.8.3 Corporate tax 40
2.8.4 VAT 41
2.8.5 Captives 41
2.9 Legal System 42
2.9.1 Introduction 42
2.9.2 Access to court 42
2.9.3 Alternative dispute resolution 43
3 APPENDIX 44
3.1 Methodology 44
3.2 Contact GlobalData 44
3.3 About GlobalData 44
3.4 GlobalDatas Services 44
3.5 Disclaimer 46

List Of Tables


Table 1: Insurance Industry Definitions 6
Table 2: Botswana- Insurance Regulatory Framework Key Features 8
Table 3: Botswana - Life Insurance Regulatory Framework 15
Table 4: Botswana - Property Insurance Regulatory Framework 16
Table 5: Botswana- Motor Insurance Regulatory Framework 17
Table 6: Botswana - Liability Insurance Regulatory Framework 18
Table 7: Botswana - Corporate Tax Rates for the Financial Year 2018 41

List Of Figures


Figure 1: Botswana - Insurance Supervision and Control at Various Levels 24
Figure 2: Botswana - Insurance Regulatory Frameworks for Company Registration and Operation 28

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