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Governance, Risk and Compliance - The Bolivian Insurance Industry

Published: Dec 3, 2015 | Pages: 33 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Governance, Risk and Compliance - The Bolivian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Bolivia. 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 Timetric's 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 Bolivia, including: An overview of the insurance regulatory framework in Bolivia. 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 Bolivia. 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 provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Bolivia, including: An overview of the insurance regulatory framework in Bolivia. 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 Bolivia. 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.

Reasons To Buy
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Bolivia, including: An overview of the insurance regulatory framework in Bolivia. 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 Bolivia. 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 report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Bolivia, including: An overview of the insurance regulatory framework in Bolivia. 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 Bolivia. 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.
 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 Regulations 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 2.4.2 Workers' compensation 2.5 Supervision and Control 2.5.1 Association of Insurance Supervisors Latin America 2.5.2 Authority of Supervision and Control for Pension and Insurance 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 Types 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 requirement 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 (ADR) 3 Appendix 3.1 Methodology 3.2 Contact Timetric 3.3 About Timetric 3.4 Timetric's Services 3.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions Table 2: Bolivia - Insurance Regulatory Framework Key Features Table 3: Bolivia - Life Insurance Regulatory Framework Table 4: Bolivia - Property Insurance Regulatory Framework Table 5: Bolivia - Motor Insurance Regulatory Framework Table 6: Bolivia - Liability Insurance Regulatory Framework Table 7: Bolivia - Motor Third-Party Liability Insurance Rates Table 8: Bolivia - Corporate Tax Rates for the Financial Year 2015


List of Figures
Figure 1: Bolivia - Insurance Supervision and Control at Various Levels Figure 2: Bolivia - Insurance Regulatory Frameworks for Company Registration and Operation

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