Summary
GlobalData’s "Governance, Risk and Compliance - The Venezuelan Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Venezuela.
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 Venezuela, including -
- An overview of the insurance regulatory framework in Venezuela.
- 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 Venezuela.
- 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 Superintendencia de la Actividad Aseguradora regulates the Venezuelan insurance industry.
- Composite insurance is permitted in Venezuela.
- 100% FDI is permitted in the Venezuelan insurance industry.
- Motor third-party liability, student personal accident, aviation third-party liability, and passenger insurance for land transit are mandatory in Venezuela.
- Non-admitted insurance is prohibited in Venezuela.
Scope
- The report covers details of the insurance regulatory framework in Venezuela.
- 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 Venezuela.
- Track the latest regulatory changes, and expected changes impacting the Venezuelan 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 16
2.3.2 Property insurance 17
2.3.3 Motor insurance 18
2.3.4 Liability insurance 19
2.3.5 Marine, aviation and transit insurance 20
2.3.6 Personal accident and health insurance 20
2.4 Compulsory Insurance 22
2.4.1 Motor third-party liability insurance 22
2.4.2 Travel insurance 22
2.4.3 Liability for ships with respect to oil pollution 23
2.4.4 Third party civil liability insurance for drones 24
2.5 Supervision and Control 26
2.5.1 International Association of Insurance Supervisors 26
2.5.2 Superintendencia de la Actividad Aseguradora 27
2.6 Non-Admitted Insurance Regulations 28
2.6.1 Overview 28
2.6.2 Intermediaries 29
2.6.3 Market practices 29
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 32
2.7.4 Types of license 32
2.7.5 Capital requirements 33
2.7.6 Solvency margin 34
2.7.7 Reserve requirements 35
2.7.8 Investment regulations 36
2.7.9 Statutory return requirements 37
2.7.10 Fee structure 38
2.8 Taxation 40
2.8.1 Insurance premium or policy taxation 40
2.8.2 Withholding taxes on premium paid overseas 40
2.8.3 Corporate tax 40
2.8.4 VAT 41
2.8.5 Captives 42
2.9 Legal System 43
2.9.1 Introduction 43
2.9.2 Access to court 44
2.9.3 Alternative dispute resolution 45
3 APPENDIX 46
3.1 Methodology 46
3.2 Contact GlobalData 46
3.3 About GlobalData 47
3.4 GlobalData’s Services 48
3.5 Disclaimer 49
List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Venezuela - Insurance Regulatory Framework Key Features 8
Table 3: Venezuela - Life Insurance Regulatory Framework 16
Table 4: Venezuela - Property Insurance Regulatory Framework 17
Table 5: Venezuela- Motor Insurance Regulatory Framework 18
Table 6: Venezuela - Liability Insurance Regulatory Framework 19
Table 7: Venezuela - Corporate Tax Rates for the Financial Year 2018 41
List of Figures
Figure 1: Venezuela - Insurance Supervision and Control at Various Levels 26
Figure 2: Venezuela - Insurance Regulatory Frameworks for Company Registration and Operation 30
