Financial Crime World

Compliance Risk Management in Haiti: A Guide to Regulation and Supervision

The Haitian insurance industry is a vital sector that requires effective regulation and supervision to ensure the protection of policyholders’ interests. In this complex environment, compliance risk management is crucial for insurance companies operating in Haiti.

Key Regulators

  • The Ministry of Economy and Finance (MEF) is responsible for formulating and implementing economic and financial policy.
  • The Insurance Association of the Caribbean (IAC) promotes the growth of the Caribbean insurance industry.

Compulsory Insurances

  • Motor Third-Party Liability Insurance: provides essential protection to individuals and businesses operating in Haiti.
  • Social Security Insurance: provides essential protection to individuals and businesses operating in Haiti.

Taxation

  • Insurance premiums are subject to a tax of 5% on life insurance and 10% on non-life insurance.
  • Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax apply to insurance companies operating in Haiti.

Company Registration and Operation

  • To operate in the Haitian insurance industry, companies must register with the MEF and obtain a license.
  • Insurance brokers, agents, and salespeople must also obtain approval and have a valid license to carry out insurance business in Haiti.

Compliance Risk Management

  • In light of these regulations, insurance companies operating in Haiti must prioritize compliance risk management to ensure they meet regulatory requirements.
  • This includes:
    • Maintaining accurate records
    • Adhering to licensing requirements
    • Ensuring that all policies comply with Haitian law

Key Highlights

  • The Haitian insurance industry is regulated by the Ministère de l’Économie et des Finances.
  • A new insurance law is planned, which will introduce changes to the regulatory framework.
  • Motor third-party liability insurance and workmen’s compensation insurance are key classes of compulsory insurance.
  • Non-admitted insurance is not permitted in Haiti.

Reasons to Buy

This report provides an in-depth analysis of compliance risk management in Haiti, including:

  • A detailed overview of the insurance regulatory framework
  • Insights into the rules and regulations governing insurance products and entities
  • Analysis of key trends and developments in the country’s insurance regulatory framework
  • Information on taxation imposed on insurance products and companies
  • Guidance on establishing and operating an insurance business in Haiti

By understanding compliance risk management in Haiti, insurance companies can minimize regulatory risks and ensure they are operating in accordance with Haitian law.