Comoros Insurance Industry: Compliance vs Regulatory Requirements
A recent report by GlobalData has shed light on the insurance regulatory framework in Comoros, highlighting key compliance requirements and regulatory hurdles for insurers operating in the country.
Regulatory Framework
The Comorian insurance industry is regulated by two main authorities: the CRCA (regional level) and the BCC (national level). Composite insurance is not permitted in the country, and insurance companies from CIMA member states are allowed to operate without a license. Foreign direct investment (FDI) of up to 100% is also permitted.
Key Classes of Compulsory Insurance
- Motor third-party liability insurance
- Professional indemnity insurance for insurance intermediaries
The report also examines the scope of non-admitted insurance in the country, providing valuable insights for insurers looking to navigate the complex regulatory environment.
Governance, Risk, and Compliance
The report provides an overview of the current system, latest changes, and expected future developments within the regulatory framework. It also covers key regulations and market practices related to different types of insurance products, as well as rules and regulations governing compulsory insurance classes.
Some other key findings include:
- Licensing requirements: specific requirements for obtaining a license to operate in Comoros
- Permitted FDI: foreign direct investment limits and restrictions
- Minimum capital requirements: minimum capital requirements for insurers operating in the country
- Solvency and reserve requirements: regulatory requirements for solvency and reserves
- Investment regulations: rules governing investments by insurance companies
The report also provides details on the tax and legal systems in Comoros, helping insurers to better understand the local environment.
Report Scope
This comprehensive report includes:
- An overview of the insurance regulatory framework
- Rules and regulations governing insurance products and entities
- Key trends and developments
- Detailed information on taxation imposed on insurance products and companies
The report provides 129 knowledge elements on insurance compliance applicable to Comoros, making it a valuable resource for insurers looking to stay ahead of the curve in the competitive Comorian insurance market.