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Regulatory Bodies Watchdog Financial Services in Haiti

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Port-au-Prince, Haiti - The financial services sector in Haiti operates under the watchful eye of two main regulatory bodies: the Ministry of Economy and Finance (MEF) and the Insurance Association of the Caribbean (IAC). These organizations play a crucial role in ensuring the stability and integrity of the industry.

Key Regulators

  • The MEF is responsible for formulating and implementing economic and financial policy, as well as regulating and supervising the financial services sector, including insurance.
  • The IAC, on the other hand, is a non-profit organization dedicated to promoting and growing the Caribbean insurance industry.

Compulsory Insurances

Two types of compulsory insurances are required in Haiti:

  • Motor Third-Party Liability Insurance
  • Social Security Insurance

These policies protect policyholders against unforeseen events and ensure that they receive necessary benefits in case of accidents or injuries.

Taxation

Insurance premiums are subject to a tax, while corporate income tax, corporate capital gains tax, and value-added tax are also imposed on insurance companies. The Ministry of Economic and Finance regulates taxation in Haiti, with a corporate income tax rate of 30%.

Company Registration and Operation

To operate in the Haitian insurance industry, companies must:

  • Obtain a license from the MEF
  • Register as limited companies or branches/agencies of foreign insurers
  • Insurance brokers, agents, and salespeople must also obtain approval and have a valid license to carry out insurance business

Regulatory Framework

The Haitian insurance industry is governed by the Insurance Companies Act 1956, which stipulates rules and regulations for insurance products and entities. The government has plans to introduce a new insurance law, with a draft issued in November 2016.

Insights into the Haiti Insurance Industry

A recent report provides detailed insights into the regulatory framework of the Haitian insurance industry, including compulsory insurances, taxation, company registration, and operation. The report is available for purchase and includes a free sample download.