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Compliance in the Financial Sector: A Glimpse into Haiti’s Insurance Industry

In a bid to ensure stability and growth, the Haitian government has put in place a robust regulatory framework for the insurance industry. The Ministry of Economy and Finance (MEF) plays a crucial role in governing the sector, alongside the Insurance Association of the Caribbean (IAC).

Key Regulators

  • The MEF is responsible for formulating and implementing economic and financial policy, while also supervising the insurance industry to protect policyholders’ interests.
  • The IAC promotes and grows the Caribbean insurance industry through its diverse membership.

Compulsory Insurances

  • Motor Third-Party Liability Insurance: ensures that all individuals and vehicles operating on Haitian roads have adequate coverage.
  • Social Security Insurance: provides a safety net for individuals and families in case of unexpected events or accidents.

Taxes Imposed

  • Insurance premiums are subject to:
    • 5% tax for life insurance
    • 10% tax for non-life insurance
  • Corporations operating in Haiti are taxed at a rate of 30%
  • Corporate capital gains and value-added taxes apply as well

Company Registration and Operation

  • To operate in Haiti’s insurance industry, companies must register with the MEF and obtain a license.
  • Insurance brokers, agents, and salespeople must receive approval from the MEF to practice their trade.

Scope

This report provides an in-depth analysis of Haiti’s insurance regulatory framework, including details on key trends, developments, and taxation policies. It is essential reading for anyone looking to understand compliance requirements in the country’s financial sector.

Key Highlights

  • The Haitian government plans to introduce a new insurance law, with a draft issued in November 2016.
  • Motor third-party liability insurance and workmen’s compensation insurance are compulsory insurances in Haiti.
  • Non-admitted insurance is not permitted in Haiti’s insurance industry.

Reasons to Buy

This report offers valuable insights for those looking to navigate the Haitian insurance market. It provides analytical information on: + Insurance compliance + Regulatory changes + Key regulations governing the establishment and operation of insurance entities + Various types of insurance products and their associated market practices