Timetric's 'Governance, Risk and Compliance - The Macau Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Macau. 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.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Macau, including: • An overview of the insurance regulatory framework in Macau. • 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 Macau. • 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 Macau. • 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 Macau. • Track the latest regulatory changes, and expected changes impacting the Macau 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.
• The Macanese insurance industry is regulated by the Monetary Authority of Macau. • Macau's FDI regime allows 100% foreign ownership in domestic insurance companies. • Non-admitted insurance in general is not permitted in Macau. However, the placement of insurance contracts with an unlicensed entity is permitted only with prior approval from the AMCM. • Composite insurance is not permitted in Macau. • Motor third-party liability insurance and employee's compensation insurance are compulsory in Macau.
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 Employees' compensation insurance 2.4.3 Public liability insurance in relation to the fixing of propaganda and publicity material 2.4.4 Professional liability insurance for lawyers 2.4.5 Third-party liability insurance for pleasure boats 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors (IAIS) 2.5.2 Monetary Authority of Macau 2.5.3 Macau Insurers' Association 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: Macau - Insurance Regulatory Framework Key Features Table 3: Macau - Life Insurance Regulatory Framework Table 4: Macau - Property Insurance Regulatory Framework Table 5: Macau - Motor Insurance Regulatory Framework Table 6: Macau - No-Claims Discount Table 7: Macau - Liability Insurance Regulatory Framework Table 8: Macau - Maximum Liability of Aircraft Operators for Third-party Damages Table 9: Macau - Liability Limits for Motor Third-Party Liability Insurance Table 10: Macau - Limits for Employees' Compensation Insurance Table 11: Macau - Capital Requirement of Macanese Insurers and Reinsurers Table 12: Macau - Margin of Solvency for Non-Life Insurers Table 13: Macau - Assets Guaranteeing Technical Reserves Table 14: Macau - Investment Regulations for Insurers and Reinsurers Table 15: Macau - Annual Registration Fees for Insurance Intermediaries Table 16: Macau - Corporate Income Tax Rates 2016 Table 17: Macau - Other Corporate Taxes
List of Figures
Figure 1: Macau - Insurance Supervision and Control at Various Levels Figure 2: Macau - Insurance Regulatory Frameworks for Company Registration and Operation
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