All Online only articles – Page 17
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New Zealand
Non-admitted insurance: Permitted. Premium tax paid by insured: 12.5% on premium plus Goods and Services Tax.Regulator: The New Zealand insurance industry is overseen by the Insurance and Superannuation Unit of the Ministry of Economic Development.Overview: New Zealand has undergone massive reforms over the past two decades. Compared with its larger ...
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United States
Non-admitted insurance: Foreign companies are only permitted to sell insurance if they are registered in the US. Premium tax paid by insured: Varies from state by state, but the rate currently ranges from 0.5% to 4.265%.Regulator: Insurance regulation in the US is decentralised and handled on a state-by-state basis. Overview: ...
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Spain
Non-admitted insurance: Permitted under the terms of the EU’s Freedom of Services Directive; otherwise, non-admitted insurance is generally prohibited. Premium tax paid by insured: As from 1 January 1997, 4%.Regulator: The insurance industry is regulated by the Director General of Insurance, an agency of the Ministry of Economy and Finance. ...
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Russia
Non-admitted insurance: Prohibited. The share of foreign capital in a Russian insurance company cannot exceed 49%.Premium tax paid by insured: UnknownRegulator: The insurance industry is regulated by the Federal Service for Insurance Supervision, under the Ministry of Finance.Overview: Russia has been hit very hard by the financial crisis; the government ...
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Nigeria
Non-admitted Insurance: Prohibited unless individually sanctioned by the local regulator. Regulator: The National Insurance Commission (NAICOM) is the regulator for the Nigerian insurance industry.Overview: Historically, weaknesses in the local insurance market meant most large insurance business was written by foreign companies. Today, the rapidly developing oil and gas sector demands ...
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New Zealand
Non-admitted insurance: Permitted. Premium tax paid by insured: 12.5% on premium plus Goods and Services Tax.Regulator: The New Zealand insurance industry is overseen by the Insurance and Superannuation Unit of the Ministry of Economic Development.Overview: New Zealand has undergone massive reforms over the past two decades. Compared with its larger ...
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Mexico
Non-admitted insurance: Prohibited, except by special permission from the Ministry of Finance.Premium tax paid by insured: 15% VAT plus small policy issuance fees. Regulator: The industry is regulated by the Comision Nacional de Seguros y Fianzas (CNSF), which translates as the National Commission for Insurance and Surety.Overview: Mexico has made ...
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United Kingdom
Non-admitted insurance: Permitted, except for third party motor liability and employer’s liability. Premium tax paid by insured: 5% all non-life lines. Regulator: The Financial Services Authority (FSA).Overview: The UK is widely seen as a major centre for international insurance and reinsurance expertise and is home to the London Market, a ...
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Japan
Non-admitted insurance: Prohibited, unless permission is granted by the Financial Supervisory Agency for coverage not available in the market.Premium tax paid by insured: A stamp duty of around US$2 is levied on all policies. There is a 0.2% fire brigade charge on fire premiums and a Road Safety Fund charge ...
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Italy
Non-admitted insurance: Strictly prohibited except as provided by EU legislation. Premium taxes paid by insured: Fire: 22.25%; automobile: 11.5%; personal accident: 2.5%; marine: 12.5%; liability: 22.25%.Regulator: The insurance market is regulated by the Insurance Supervisory Divisions of the Institute for Control or Private Insurance Companies (ISVAP).Overall risk rating: low
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India
Non-admitted insurance: Prohibited, except when coverage is not available locally and authority is given by The Reserve Bank of India.Premium tax paid by insured: 10% service tax. For marine cargo and hull, stamp duties are charged. Regulator: The Insurance Regulatory and Development Authority (IRDA).Overview: The Indian election at the beginning ...
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Hong Kong
Non-admitted insurance: Permitted, except for compulsory insurances.Premium tax paid by insured: None, except a 3% charge that applies to motor policies. From 1 July 2007, there is a 11.3% levy on employees’ compensation applied to gross premiums and paid directly to the Occupational Safety and Health Council. Regulator: The main ...
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Germany
Non-admitted insurance: Permitted, in accordance with EU regulations except for compulsory insurances.Premium taxes paid by insured: From 1 January 2007, most classes 19%. Except fire and fire business interruption (14%), combined buildings (17.75%), marine hull (3%).Regulator: The German insurance sector is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).Overview: While the ...
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France
Non-admitted insurance: Prohibited; however, non-admitted insurance is allowed for any EU insurer. Premium taxes paid by insured: Property and fire:7%; other perils: 9%; general, public, product liability: 9%; marine: 19%; D&O: 9%.Regulator: Established in 2003, l’Autorité de Contrôle des Assurances et des Mutuelles (ACAM), the French insurance and mutual control ...
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Canada
Non-admitted insurance: Non-admitted insurance is permitted in Canada. However, under the Excise Tax Act, all Canadian corporations that place insurance with a non-licensed insurer or through a broker outside Canada must pay a federal tax.Premium tax paid by insured: The Federal Excise Tax requires an insured to pay a 10% ...
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Brazil
Non-admitted insurance: Prohibited, but exceptions may be made on application to the regulator. Premium tax paid by insured: Generally 7%. Regulator: Brazil's insurance regulator is the Superintendency of Private Insurance (SUSEP).Overview: In a recent report, SUSEP maintained its projection for the insurance market of around 4.9% premium growth in 2009, ...
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Australia
Non-admitted insurance: Not prohibited, except for compulsory coverage. Under the Insurance Act of 1973, the insured must pay a punitive tax if it places business with a unauthorised foreign insurer. Premium tax paid by insured: Australia remains the highest insurance premium tax country in the world. Fees and taxes vary ...
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South Africa
Non-admitted insurance: Prohibited unless coverage/capacity is not locally available, and then only with permission of the authorities.Premium tax paid by insured: There are no premium taxes payable by the insured, although insurance premiums are subject to value added tax at the rate of 14%.Regulator: The Financial Services Board (FSB) regulates ...
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