Governance, Risk and Compliance – The Lesotho Insurance Industry

Synopsis


Timetrics Governance, Risk and Compliance The Lesotho Insurance Industry report is the result of extensive research into the insurance regulatory framework in Lesotho.

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 Timetrics 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.

Summary


The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Lesotho, including:

An overview of the insurance regulatory framework in Lesotho.

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 Lesotho.

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 Lesotho.

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 Lesotho.

Track the latest regulatory changes, and expected changes impacting the 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.

Key Highlights


The Lesotho insurance industry is regulated by the CBL.

Insurance premium tax is not imposed on insurance products and services in Lesotho.

Composite insurance is permitted in the Lesotho insurance industry.

Motor third-party liability insurance is the only class of compulsory insurance in Lesotho.

Non-admitted insurance is not permitted in the Lesotho insurance industry.

Table of Contents


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 Motor third-party liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Central Bank of Lesotho
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 margin
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 Timetric
3.3 About Timetric
3.4 Timetrics Services
3.5 Disclaimer

List of Tables


Table 1: Insurance Industry Definitions
Table 2: Lesotho Insurance Regulatory Framework Key Features
Table 3: Lesotho Life Insurance Regulatory Framework
Table 4: Lesotho Property Insurance Regulatory Framework
Table 5: Lesotho Motor Insurance Regulatory Framework
Table 6: Lesotho Liability Insurance Regulatory Framework
Table 7: Lesotho Corporate Tax Rates for the Financial Year 2017

List of Figures


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


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