All Strategic Risk Global articles in September 2009 StrategicRISK – Page 5
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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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