Governance, Risk and Compliance - The Fijian Insurance Industry

Governance, Risk and Compliance - The Fijian Insurance Industry

Summary

thes "Governance, Risk and Compliance - The Fijian Insurance Industry", 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 thes 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 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.

Key Highlights

- The Fijian insurance industry is regulated by the Reserve Bank of Fiji.
- Non-admitted insurers and intermediaries are not permitted in the Fijian insurance industry. However, non-admitted treaty and facultative reinsurers are permitted in Fiji.
- The provisions of the Insurance Act 1998 and Insurance regulations 1998 regulate the life and general insurance businesses in Fiji.
- Motor vehicle accident compensation scheme and workmens compensation insurance are mandatory in Fiji.
- The Fiji Islands Revenue and Customs Authority levies VAT at a rate of 9%% on general insurance products, whereas life, health, personal accident, motor third-party and workmens compensation insurance are exempt from VAT.

Scope

- 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 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 14
2.3.2 Property insurance 15
2.3.3 Motor insurance 16
2.3.4 Liability insurance 17
2.3.5 Marine, aviation and transit insurance 17
2.3.6 Personal accident and health insurance 18
2.4 Compulsory Insurance 19
2.4.1 Motor vehicle accident compensation scheme 19
2.4.2 Workmens compensation insurance 20
2.4.3 Professional indemnity insurance and fidelity guarantee scheme for insurance brokers 21
2.4.4 Liability insurance for ships with respect to oil pollution 21
2.5 Supervision and Control 23
2.5.1 Reserve Bank of Fiji 23
2.6 Non-Admitted Insurance Regulations 24
2.6.1 Overview 24
2.6.2 Intermediaries 25
2.6.3 Market practices 25
2.6.4 Fines and Penalties 25
2.7 Company Registration and Operations 27
2.7.1 Type of insurance organization 28
2.7.2 Establishing a local company 28
2.7.3 Foreign ownership 29
2.7.4 Types of license 29
2.7.5 Capital requirements 30
2.7.6 Solvency margin 30
2.7.7 Reserve requirements 31
2.7.8 Investment regulations 31
2.7.9 Statutory return requirements 32
2.7.10 Fee structure 32
2.8 Taxation 33
2.8.1 Insurance premium or policy taxation 33
2.8.2 Withholding taxes on premium paid overseas 33
2.8.3 Corporate tax 33
2.8.4 VAT 34
2.8.5 Captives 34
2.9 Legal System 35
2.9.1 Introduction 35
2.9.2 Access to court 35
2.9.3 Alternative dispute resolution 36
3 APPENDIX 37
3.1 Methodology 37
3.2 Contact GlobalData 37
3.3 About GlobalData 38
3.4 GlobalDatas Services 39
3.5 Disclaimer 40

List Of Tables


Table 1: Insurance Industry Definitions 6
Table 2: Fiji - Insurance Regulatory Framework Key Features 8
Table 3: Fiji - Life Insurance Regulatory Framework 14
Table 4: Fiji - Property Insurance Regulatory Framework 15
Table 5: Fiji- Motor Insurance Regulatory Framework 16
Table 6: Fiji - Liability Insurance Regulatory Framework 17
Table 7: Fiji- Motor Vehicle Accident Levy 20
Table 8: Fiji - Corporate Tax Rates for the Financial Year 2018 34

List Of Figures


Figure 1: Fiji - Insurance Regulatory Frameworks for Company Registration and Operation 27

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