Governance, Risk and Compliance - The Peruvian Insurance Industry

Governance, Risk and Compliance - The Peruvian Insurance Industry

Summary

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

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 the Peru, including -
- An overview of the insurance regulatory framework in the Peru.
- 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 Peru.
- 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 SBS regulates and supervises the insurance industry in Peru.
- Composite insurers are permitted in Peru.
- 100% foreign direct investment is allowed in the Peruvian insurance industry.
- Third-party liability insurance for public transport vehicles, motor third-party liability, aviation liability and workmen’s compensation insurance are some of the compulsory classes of insurance.
- Non-admitted insurance is not permitted in the Peruvian insurance industry.

Scope

- The report covers details of the insurance regulatory framework in the Peru.
- 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 the Peru.
- Track the latest regulatory changes, and expected changes impacting the Peruvian 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
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 Third-party liability insurance for vehicles carrying dangerous goods
2.4.2 Motor third-party liability insurance
2.4.3 Complementary insurance for risky work
2.4.4 Group life insurance for all employees with more than four years’ service
2.4.5 Aviation liability insurance
2.4.6 Professional indemnity insurance for insurance and reinsurance brokers, and loss adjusters
2.4.7 Liability insurance for ships with respect to oil pollution
2.4.8 Clinical trials liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Association of Insurance Supervisors Latin America
2.5.3 Superintendent of Bank and Insurance
2.5.4 Peruvian Association of Insurance (LA Asociación Peruana de Empresas de Seguros - Apeseg)
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 margins
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
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer


List Of Tables


Table 1: Insurance Industry Definitions
Table 2: Peru - Insurance Regulatory Framework Key Features
Table 3: Peru - Life Insurance Regulatory Framework
Table 4: Peru - Property Insurance Regulatory Framework
Table 5: Peru - Motor Insurance Regulatory Framework
Table 6: Peru - Liability Insurance Regulatory Framework
Table 7: Peru - Minimum Cover Limit for Aviation Third-Party Liability Insurance
Table 8: Peru - Maximum Cover for Professional Indemnity Insurance for Insurance Brokers
Table 9: Peru - Investment Limits by Types of Assets
Table 10: Peru - Corporate Tax Rates for the Financial Year 2019


List Of Figures


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


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  Charlie

The report is a great source of governance policies and compliance regarding insurance in Peru. It helped us understand which policies were in favor of our insurance products and business nature.