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Gambia’s Regulatory Compliance Framework: A Key Driver for the Insurance Sector

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The Central Bank of The Gambia (CBG) plays a pivotal role in regulating the country’s insurance industry. The bank issues licenses to insurers, reinsurers, and intermediaries, ensuring that customers have access to a wide range of insurance products and services.

Regulatory Bodies

In addition to the CBG, other regulatory bodies also play crucial roles in shaping the industry’s regulatory framework. These include:

  • International Association of Insurance Supervisors (IAIS)
  • African Insurance Organization (AIO)

These organizations provide guidelines and standards for insurance supervisors, helping them to ensure that the sector operates in a fair and transparent manner.

Compulsory Insurances

The Gambia insurance industry requires several types of compulsory insurances, including:

  • Professional indemnity insurance
  • Marine liability insurance
  • Social security insurance
  • Motor third-party liability insurance

These requirements are designed to ensure that insurers provide adequate protection to policyholders.

Taxation

The Gambian government imposes various taxes on the insurance industry, including:

  • Tax on insurance premiums
  • Corporate income tax
  • Corporate capital gains tax
  • Value-added tax

The government uses these revenues to fund its development programs and provide essential public services.

Key Highlights

Regulatory Compliance Framework

  • The Gambian insurance industry is regulated by the CBG.
  • Motor third-party liability insurance is compulsory in the Gambia.
  • Non-admitted insurance is prohibited, with a few exceptions.
  • 100% FDI is permitted in the Gambian insurance industry.
  • Insurance premium tax is not imposed on insurance products and services in the Gambian insurance industry.

The regulatory compliance framework in Gambia plays a crucial role in shaping the country’s insurance sector. The government has put in place various regulations to ensure that insurers provide adequate protection to policyholders and operate in a fair and transparent manner.