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Governance, Risk and Compliance - The Luxembourg Insurance Industry

Published: Jun 2, 2016 | Pages: 56 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's Governance, Risk and Compliance- The Luxembourg Insurance Industry report is the result of extensive research into the insurance regulatory framework in Luxembourg. 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 Luxembourg, including: An overview of the insurance regulatory framework in Luxembourg. 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 Luxembourg. 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 Luxembourg. 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 Luxembourg. Track the latest regulatory changes, and expected changes impacting the Luxembourg 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 Luxembourg insurance industry is regulated by the Commissariat aux Assurance. Non-admitted insurance is prohibited by the law; however unlicensed insurers and reinsurers from EU and EEA member states are permitted. FDI is permitted in the Luxembourg insurance industry up to 100%. Composite insurance is not allowed in Luxembourg. Solvency II is implemented from January 1, 2016.
 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 (MTPL) 2.4.2 Social insurance system 2.4.3 Air carriers and aircraft operators liability insurance 2.4.4 Marine insurance 2.4.5 Professional indemnity insurance for alternative investment fund managers 2.4.6 Professional indemnity insurance for insurance intermediaries 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors (IAIS) 2.5.2 European Insurance and Occupational Pensions Authority (EIOPA) 2.5.3 Insurance Commission (Commissariat aux Assurance) 2.5.4 Federation of European Risk Management Associations (FERMA) 2.5.5 Association of Insurance Companies and Reinsurance (ACA) 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 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 (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: Luxembourg- Insurance Regulatory Framework Key Features Table 3: Luxembourg- Life Insurance Regulatory Framework Table 4: Luxembourg- Property Insurance Regulatory Framework Table 5: Luxembourg- Motor Insurance Regulatory Framework Table 6: Luxembourg- Liability Insurance Regulatory Framework Table 7: Luxembourg- Bonus-Malus System for Motor Insurance Table 8: Luxembourg- Minimum Cover for Aircraft Third-Party Liability Per Accident Per Table 9: Luxembourg- Insurance Premium Taxation Table 10: Luxembourg- Corporate Tax Rate for the Financial Year 2016


List of Figures
Figure 1: Luxembourg- The Three Pillars of Solvency II Figure 2: Luxembourg- Insurance Supervision and Control at Various Levels Figure 3: Luxembourg- Insurance Regulatory Frameworks for Company Registration and Operation

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