Synopsis
Timetric’s 'Governance, Risk and Compliance – The Surinamese Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Suriname.
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 operation 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.
Scope
• The report covers details of the insurance regulatory framework in Suriname.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.
Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Suriname, including:
• An overview of the insurance regulatory framework in Suriname.
• The latest key changes, and changes expected in the country’s 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 Suriname.
• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
• Details of the tax and legal systems in the country.
Reasons To Buy
• Gain insights into the insurance regulatory framework in Suriname.
• Track the latest regulatory changes, and expected changes impacting the Surinamese insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices pertaining to various types of insurance product.
Key highlights
• The Surinamese insurance industry is supervised and regulated by the Central Bank of Suriname.
• 100% foreign direct investment is permitted in the Surinamese insurance industry.
• The government of Suriname has adopted a social security system in September, 2014.
• Non-admitted insurance is prohibited in Suriname. However, foreign reinsurers can operate on a cross-border basis provided the underwriting takes place outside Suriname.
• Motor third-party liability insurance, health insurance and workers compensation insurance are compulsory classes of insurance.
Table Of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
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 National health insurance (State scheme)
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Caribbean Association of Insurance Regulators
2.5.3 The Insurance Association of the Caribbean
2.5.4 Central Bank of Suriname
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type 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 margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX 30
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Suriname - Insurance Regulatory Framework Key Features
Table 3: Suriname - Life Insurance Regulatory Framework
Table 4: Suriname - Property Insurance Regulatory Framework
Table 5: Suriname- Motor Insurance Regulatory Framework
Table 6: Suriname - Liability Insurance Regulatory Framework
Table 7: Suriname - Corporate Tax Rates for the Financial Year 2017
List Of Figures
Figure 1: Suriname - Insurance Supervision and Control at Various Levels
Figure 2: Suriname - Insurance Regulatory Frameworks for Company Registration and Operation
