The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Burundi, including:
- An overview of the insurance regulatory framework in Burundi.
- The latest key changes and changes expected in the Burundian insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Burundi.
- Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements and investment regulations.
- Details of the tax and legal systems in the country.
Timetric’s 'Governance, Risk and Compliance - The Burundian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Burundi. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
- This report covers details of the insurance regulatory framework in Burundi.
- The report contains details of rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the Burundian insurance regulatory framework.
- The repot analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
- The report provides details of taxation imposed on insurance products and companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in Burundi.
- Track latest regulatory changes and expected changes impacting the Burundian insurance industry.
- Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices relating to various types of insurance product.
- The Burundian insurance industry is governed by the Agency of Regulation and Insurance Supervision (Agence de Régulation et de Contrôle des Assurances – ARCA)
- 100% FDI is permitted in the Burundian insurance industry.
- Composite insurance is not permitted in Burundi.
- Non-admitted insurance is not permitted by law. However, risks for which local capacity is not available are permitted to be placed with unauthorized insurers.
- Effective from January 2014, new insurance law – the Insurance Code 2014 – was introduced repealing the Decree Law No. 1/18 on Compulsory Insurance of Civil Liability for Motor Vehicles, the Insurance Law 2002 and the Insurance Contract Law 2002.
Table of Contents
1.1 What is this Report About?
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Professional indemnity insurance for doctors
2.4.3 Professional indemnity insurance for lawyers
2.4.4 Civil liability insurance for operators of commercial buildings against fire or explosion
2.4.5 Insurance for administrative buildings against fire or explosion
2.5 Supervision and Control
2.5.1 The African Insurance Organization (AIO)
2.5.2 Agency of Regulation and Insurance Supervision (ARCA)
2.6 Non-Admitted Insurance Regulations
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.9 Legal System
2.9.2 Alternative dispute resolution (ADR)
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
List of Table
Table 1: Insurance Industry Definitions
Table 2: Burundi – Life Insurance Regulatory Framework
Table 3: Burundi – Property Insurance Regulatory Framework
Table 4: Burundi – Motor Insurance Regulatory Framework
Table 5: Burundi – Liability Insurance Regulatory Framework
Table 6: Burundi – Corporate Tax Rates for the Financial Year 2015
List of Chart
Figure 1: Burundi – Insurance Regulatory Framework
Figure 2: Burundi – Insurance Supervision and Control at Various Levels
Figure 3: Burundi – Insurance Regulatory Frameworks for Company Registration and Operation
Make an enquiry before buying this Report
Please fill the enquiry form below.