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Compliance Risks for Financial Organizations in Libyan Arab Jamahiriya
The financial sector in Libya faces numerous compliance risks, particularly in the insurance industry. According to a recent report by a leading publisher, “Libya Insurance Industry - Governance, Risk and Compliance”, the regulatory framework in the country poses significant challenges for insurers and intermediaries.
Regulatory Framework Challenges
- Up to 49% foreign direct investment is permitted in the Libyan insurance industry
- Composite insurance is not allowed
- Motor third-party liability insurance and health insurance are compulsory classes of insurance
- Non-admitted insurance is permitted with some exceptions
The report provides an overview of the insurance regulatory framework in Libya, including key changes and expected changes.
Governance, Risk, and Compliance Framework
- Licensing requirements for insurers and intermediaries
- Minimum capital requirements for insurers
- Solvency and reserve requirements for insurers
- Investment regulations for insurers
- Tax and legal systems in the country
The report also examines the governance, risk, and compliance framework pertaining to the insurance industry, covering licensing requirements, minimum capital requirements, solvency and reserve requirements, and investment regulations.
Key Findings and Insights
- The report provides analytical insights into the latest regulatory changes
- Expected changes impacting the Libyan insurance industry are analyzed
- Key regulations governing the establishment and operation of insurance entities are detailed
- Taxation imposed on insurance products and companies is outlined
By understanding these compliance risks, financial organizations can better prepare themselves for the challenges ahead and ensure a smoother operation in the country.
Why This Report is Essential Reading
This report is essential reading for any organization operating or looking to operate in Libya’s insurance industry, including:
- Insurers
- Reinsurers
- Brokers
- Agents
- Other intermediaries
The report provides a comprehensive overview of the regulatory framework, enabling readers to identify potential compliance risks and take proactive steps to mitigate them.