Fiji Insurance Industry - Governance, Risk and Compliance
Fijian Insurance Industry - Governance, Risk, and Compliance report is the result of extensive research into the insurance regulatory framework in Fiji.
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.
- The Reserve Bank of Fiji regulates the Fijian insurance industry.
- FDI is not permitted in the Fijian insurance industry.
- Composite insurance is not permitted in Fiji.
- Companies issuing non-admitted insurance policies have greater scope and flexibility in comparison to licensed insurance companies, as they are not covered under the general rules and regulations governing that nations industry.
- Key classes of compulsory insurance include motor vehicle accident compensation scheme workmens compensation insurance, professional indemnity and fidelity guarantee for insurance brokers, liability insurance for ships with respect to oil pollution
The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Fiji, including -
- An overview of the insurance regulatory framework in Fiji.
- 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 Fiji.
- 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
- The report covers details of the insurance regulatory framework in Fiji.
- 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 Fiji.
- Track the latest regulatory changes, and expected changes impacting the Fijian 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
1.1 What is this Report About?
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 vehicle accident compensation scheme
2.4.2 Workmens compensation insurance
2.4.3 Professional indemnity insurance and fidelity guarantee scheme for insurance brokers
2.4.4 Liability insurance for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Reserve Bank of Fiji
2.6 Non-Admitted Insurance Regulations
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
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.9 Legal System
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalDatas Services
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Fiji - Insurance Regulatory Framework Key Features
Table 3: Fiji - Life Insurance Regulatory Framework
Table 4: Fiji - Property Insurance Regulatory Framework
Table 5: Fiji- Motor Insurance Regulatory Framework
Table 6: Fiji - Liability Insurance Regulatory Framework
Table 7: Fiji- Motor Vehicle Accident Levy
Table 8: Fiji - Corporate Tax Rates for the Financial Year 2020
List Of Figures
Figure 1: Fiji - Insurance Regulatory Frameworks for Company Registration and Operation
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