Summary
GlobalData’s "Governance, Risk and Compliance - The Uruguayan Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Uruguay.
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 GlobalData’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 Uruguay, including -
- An overview of the insurance regulatory framework in Uruguay.
- 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 Uruguay.
- 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 Superintendency under the BCU regulates and supervises the Uruguayan insurance industry.
- Composite insurance is not permitted in Uruguayan insurance industry.
- Non-admitted insurers are not permitted in the Uruguayan insurance industry.
- Fire and automobile insurance contracts are subject to premium tax at a rate of 7%, other non-life insurance contracts are subject to IPT at a rate of 5%, and marine and life insurance contracts are exempt.
- Aviation liability insurance, motor third-party liability insurance and workmen’s compensation insurance are some of the key classes of compulsory insurance in Uruguay.
Scope
- The report covers details of the insurance regulatory framework in Uruguay.
- 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 Uruguay.
- Track the latest regulatory changes, and expected changes impacting the Uruguayan 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.
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Table of Contents
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 13
2.3.1 Life insurance 15
2.3.2 Property insurance 16
2.3.3 Motor insurance 18
2.3.4 Liability insurance 19
2.3.5 Marine, aviation and transit insurance 19
2.3.6 Personal accident and health insurance 20
2.4 Compulsory Insurance 21
2.4.1 Workers’ compensation insurance 21
2.4.2 Motor third-party liability insurance 22
2.4.3 Liability for ships with respect to oil pollution 23
2.4.4 Aviation liability insurance 24
2.5 Supervision and Control 26
2.5.1 International Association of Insurance Supervisors 26
2.5.2 Association of Insurance Supervisors Latin America 27
2.5.3 Superintendence of Financial Services 27
2.5.4 Asociación Uruguaya de Empresas Aseguradoras 27
2.6 Non-Admitted Insurance Regulations 28
2.6.1 Overview 28
2.6.2 Intermediaries 28
2.6.3 Market practices 28
2.6.4 Fines and penalties 29
2.7 Company Registration and Operations 30
2.7.1 Type of insurance organization 31
2.7.2 Establishing a local company 31
2.7.3 Foreign ownership 33
2.7.4 Types of license 35
2.7.5 Capital requirements 35
2.7.6 Solvency margin 36
2.7.7 Reserve requirements 38
2.7.8 Investment regulations 38
2.7.9 Statutory return requirements 40
2.7.10 Fee structure 41
2.8 Taxation 42
2.8.1 Insurance premium or policy taxations 42
2.8.2 Withholding taxes on premium paid overseas 42
2.8.3 Corporate tax 43
2.8.4 VAT 43
2.8.5 Captives 44
2.9 Legal System 45
2.9.1 Introduction 45
2.9.2 Access to court 45
2.9.3 Alternative dispute resolution 46
3 APPENDIX 47
3.1 Methodology 47
3.2 Contact GlobalData 47
3.3 About GlobalData 48
3.4 GlobalData’s Services 49
3.5 Disclaimer 50
List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Uruguay - Insurance Regulatory Framework Key Features 8
Table 3: Uruguay - Life Insurance Regulatory Framework 15
Table 4: Uruguay - Property Insurance Regulatory Framework 16
Table 5: Uruguay - Motor Insurance Regulatory Framework 18
Table 6: Uruguay - Liability Insurance Regulatory Framework 19
Table 7: Uruguay - Insurance Premium Tax Rates 42
Table 8: Uruguay - Corporate Tax Rates for the Financial Year 2018 43
List of Figures
Figure 1: Uruguay - Insurance Supervision and Control at Various Levels 26
Figure 2: Uruguay - Insurance Regulatory Frameworks for Company Registration and Operation 30
