Comoros Regulatory Compliance Frameworks Under Scrutiny
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A comprehensive report published by a leading publisher has shed light on the intricacies of the insurance regulatory framework in Comoros, providing valuable insights into the country’s governance, risk and compliance landscape.
Overview
The ‘Comoros Insurance Industry - Governance, Risk and Compliance’ report offers an exhaustive analysis of the insurance regulations governing life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance in Comoros.
Regulatory Framework
According to the report, the Comorian insurance industry is overseen by two regulatory bodies:
- The CRCA at the regional level
- The BCC at the national level
The study reveals that composite insurance is not permitted in the country, while insurance companies from CIMA member states are allowed to operate without a license.
Key Aspects of the Comorian Insurance Industry
• 100% foreign direct investment (FDI) is permitted • Compulsory insurance classes include: + Motor third-party liability insurance + Professional indemnity insurance for insurance intermediaries
Governance, Risk, and Compliance Framework
The report provides detailed information on the governance, risk, and compliance framework governing the insurance industry in Comoros, covering key topics such as:
- Latest regulatory changes
- Expected changes
- Market practices related to various types of insurance products
- Rules and regulations governing:
- Compulsory insurance classes
- Non-admitted insurance
- Licensing requirements
- Minimum capital requirements
- Solvency and reserve requirements
- Investment regulations
- Tax and legal systems in the country
Benefits for Insurers
The report is a valuable resource for insurers seeking to navigate the complex regulatory landscape of Comoros. By providing comprehensive information on prevailing insurance regulations, recent changes, and upcoming developments, the study enables insurers to make informed decisions about their operations in the country.
Key Highlights
- The Comorian insurance industry is regulated by the CRCA at the regional level and the BCC at the national level
- Composite insurance is not permitted in Comoros
- Insurance companies from CIMA member states are allowed to operate without a license
- 100% FDI is permitted in the Comorian insurance industry
- Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries
Conclusion
The report provides valuable insights into the governance, risk, and compliance framework governing the insurance industry in Comoros, making it an essential resource for insurers seeking to operate successfully in the country.