Synopsis
Timetric’s 'Non-Life Insurance in Lithuania, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Lithuanian non-life insurance segment, and a comparison of the Lithuanian insurance industry with its regional counterparts.
It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Lithuanian economy and demographics, explains the various types of natural hazard and their impact on the Lithuanian insurance industry, and provides detailed information on the competitive landscape in the country.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Scope
This report provides a comprehensive analysis of the non-life insurance segment in Lithuania:
• It provides historical values for the Lithuanian non-life insurance segment for the report’s 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
• It offers a detailed analysis of the key categories in the Lithuanian non-life insurance segment, and market forecasts to 2019.
• It profiles the top non-life insurance companies in Lithuania, and outlines the key regulations affecting them.
Summary
Timetric’s 'Non-Life Insurance in Lithuania, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Lithuanian non-life insurance segment, including:
• The Lithuanian non-life insurance segment’s detailed outlook by product category
• A comprehensive overview of the Lithuanian economy and demographics
• A comparison of the Lithuanian insurance industry with its regional counterparts
• The various distribution channels in the Lithuanian non-life insurance segment
• Detailed analysis of natural hazards and their impact on the Lithuanian insurance industry
• Details of the competitive landscape in the non-life insurance segment in Lithuania
• Details of regulatory policy applicable to the Lithuanian insurance industry
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data related to the Lithuanian non-life insurance segment, and each category within it.
• Understand the demand-side dynamics, key market trends and growth opportunities in the Lithuanian non-life insurance segment.
• Assess the competitive dynamics in the non-life insurance segment.
• Identify growth opportunities and market dynamics in key product categories.
• Gain insights into key regulations governing the Lithuanian insurance industry, and their impact on companies and the industry's future.
Key highlights
• The new regulatory framework, Solvency II, came into force in Lithuania on January 1, 2016. It is based on three pillars: risk-based quantitative requirements, governance and supervision, and disclosure and transparency.
• On January 1, 2016, Lithuania joined the Single Euro Payments Area (SEPA).
• In 2015, the leading insurance classes in terms of gross written premium were motor third-party liability, casualty and collision, and property insurance. This was generated from both registered insurers and insurers operating under the freedom of establishment principle.
• Growth in the construction industry, rising consumer awareness and the occurrences of floods supported property insurance during the review period.
• Brokers, agencies, and direct marketing dominated the segment, with a combined 98.7% of the direct written premium in 2014.
• The Lithuanian non-life segment is highly competitive and dominated by foreign-owned insurers.
Table Of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Profitability
4.2.5 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies
5.1.4 Claims
5.1.5 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies
5.3.4 Claims
5.3.5 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies
5.4.4 Claims
5.4.5 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
7 Natural Hazards
7.1 Flooding
7.2 Droughts
7.3 Landslide
7.4 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Company Profiles
8.2.1 Lietuvos draudimas, AB - company overview
8.2.2 PZU Lietuva, UAB DK - company overview
8.2.3 Lamantinas, UAB DK - company overview
8.2.4 Baltikums Draudimas, ADB - company overview
8.2.5 B?sto Paskol? Draudimas, UAB - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Workers’ compensation
9.4.3 Civil liability insurance for construction designers
9.4.4 Civil liability insurance of contractor
9.4.5 Civil liability insurance on auditor firms
9.4.6 Air carriers and aircraft operators insurance
9.4.7 Professional indemnity insurance for alternative investment fund managers
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
9.5.3 Bank of Lithuania
9.5.4 Federation of European Risk Management Associations (FERMA)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Direct Marketing
10.5 Insurance Brokers and Agencies
10.6 Bancassurance
10.7 Property Insurance
10.8 Property Insurance by Product
10.9 Motor Insurance
10.1 Motor Insurance by Product
10.11 Liability Insurance
10.12 Marine, Aviation and Transit Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer
List Of Tables
Table 1: Lithuanian Non-Life Insurance - Key Facts, 2014
Table 2: Lithuanian Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Lithuanian Government Credit Ratings
Table 4: Lithuanian Non-Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2010-2014
Table 5: Lithuanian Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Lithuanian Non-Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2014-2019
Table 7: Lithuanian Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Lithuanian Non-Life Insurance - Premium per Capita (EUR and US$), 2010-2014
Table 9: Lithuanian Non-Life Insurance - Premium per Capita (EUR and US$), 2014-2019
Table 10: Lithuanian Non-Life Insurance - Number of Policies Sold (Million), 2010-2014
Table 11: Lithuanian Non-Life Insurance - Number of Policies Sold (Million), 2014-2019
Table 12: Lithuanian Non-Life Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014
Table 13: Lithuanian Non-Life Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019
Table 14: Lithuanian Non-Life Insurance - Profitability Ratio (%), 2010-2014
Table 15: Lithuanian Non-Life Insurance - Profitability Ratio (%), 2014-2019
Table 16: Lithuanian Non-Life Insurance - Total Assets (EUR Million and US$ Million), 2010-2014
Table 17: Lithuanian Non-Life Insurance - Total Assets (EUR Million and US$ Million), 2014-2019
Table 18: Lithuanian Non-Life Insurance - Total Investment Income (EUR Million and US$ Million), 2010-2014
Table 19: Lithuanian Non-Life Insurance - Total Investment Income (EUR Million and US$ Million), 2014-2019
Table 20: Lithuanian Non-Life Insurance - Investment Portfolio (EUR Million), 2010-2014
Table 21: Lithuanian Non-Life Insurance - Investment Portfolio (EUR Million), 2014-2019
Table 22: Lithuanian Non-Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2014
Table 23: Lithuanian Non-Life Insurance - Gross Written Premium by Category (EUR Million), 2014-2019
Table 24: Lithuanian Property Insurance - Number of Completed Dwellings, 2010-2015
Table 25: Lithuanian Property Insurance - Number of Completed New Residential Construction, 2010-2015
Table 26: Lithuanian Property Insurance - Number of Completed New Non-Residential Construction, 2010-2015
Table 27: Lithuanian Property Insurance - Number of Residential Building Permit, 2010-2015
Table 28: Lithuanian Property Insurance - Number of New Residential Building Permit, 2010-2015
Table 29: Lithuanian Property Insurance - Number of Non-Residential Building Permit, 2010-2015
Table 30: Lithuanian Property Insurance - Number of, 2010-2016
Table 31: Lithuanian Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2014
Table 32: Lithuanian Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2014-2019
Table 33: Lithuanian Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2014
Table 34: Lithuanian Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2014-2019
Table 35: Lithuanian Property Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014
Table 36: Lithuanian Property Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019
Table 37: Lithuanian Property Insurance - Loss Ratio (%), 2010-2014
Table 38: Lithuanian Property Insurance - Loss Ratio (%), 2014-2019
Table 39: Lithuanian Motor Insurance - Number of Registered Vehicles by Type, 2010-2014
Table 40: Lithuanian Motor Insurance - Number of New Vehicle Registrations, 2014-2015
Table 41: Lithuanian Motor Insurance - Number of Road Accidents, 2010-2014
Table 42: Lithuanian Motor Insurance - Number of Person Affected by Road Accident, 2010-2014
Table 43: Lithuanian Motor Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2014
Table 44: Lithuanian Motor Insurance - Gross Written Premium by Sub-Category (EUR Million), 2014-2019
Table 45: Lithuanian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2014
Table 46: Lithuanian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2014-2019
Table 47: Lithuanian Motor Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014
Table 48: Lithuanian Motor Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019
Table 49: Lithuanian Motor Insurance - Loss Ratio (%), 2010-2014
Table 50: Lithuanian Motor Insurance - Loss Ratio (%), 2014-2019
Table 51: Lithuanian Liability Insurance - Gross Written Premium (EUR Million), 2010-2014
Table 52: Lithuanian Liability Insurance - Gross Written Premium (EUR Million), 2014-2019
Table 53: Lithuanian Liability Insurance - Number of Policies Sold (Thousand), 2010-2014
Table 54: Lithuanian Liability Insurance - Number of Policies Sold (Thousand), 2014-2019
Table 55: Lithuanian Liability Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014
Table 56: Lithuanian Liability Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019
Table 57: Lithuanian Liability Insurance - Loss Ratio (%), 2010-2014
Table 58: Lithuanian Liability Insurance - Loss Ratio (%), 2014-2019
Table 59: Lithuanian Marine, Aviation and Transit Insurance - Number of Sea Vessels, 2010-2014
Table 60: Lithuanian Marine, Aviation and Transit Insurance - Number of Inland Waterways Vessel, 2010-2014
Table 61: Lithuanian Marine, Aviation and Transit Insurance - Number of Aircraft by Type, 2010-2014
Table 62: Lithuanian Marine, Aviation and Transit Insurance - Freight Carried via Road (Million Tons), 2010-2014
Table 63: Lithuanian Marine, Aviation and Transit Insurance - Freight Carried via Sea Vessel Carrying Lithuanian Flag (Million Tons), 2010-2014
Table 64: Lithuanian Marine, Aviation and Transit Insurance - Freight Carried via Inland Waterways (Million Tons), 2010-2014
Table 65: Lithuanian Marine, Aviation and Transit Insurance - Weight of Goods and Mail Transported by an Aircraft of Lithuanian Airline (Thousand Tons), 2010-2014
Table 66: Lithuanian Marine, Aviation and Transit Insurance - Weight of Crude Oil and Petroleum Products Transported by Oil Pipeline Transport (Million Tons), 2010-2014
Table 67: Lithuanian Marine, Aviation and Transit Insurance - Weight of Goods Transported by Rail (Million Tons), 2010-2014
Table 68: Lithuanian Marine, Aviation and Transit Insurance - Number of Passenger Carried via Sea Vessel Carrying Lithuanian Flag (Thousand), 2010-2014
Table 69: Lithuanian Marine, Aviation and Transit Insurance - Number of Passenger Carried via Inland Waterways (Million), 2010-2014
Table 70: Lithuanian Marine, Aviation and Transit Insurance - Number of Passenger at the Lithuanian International Airport (Million), 2010-2014
Table 71: Lithuanian Marine, Aviation and Transit Insurance - Number of Passenger Transported by an Aircraft of Lithuanian Airline (Thousand), 2010-2015
Table 72: Lithuanian Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2010-2014
Table 73: Lithuanian Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2014-2019
Table 74: Lithuanian Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2010-2014
Table 75: Lithuanian Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2014-2019
Table 76: Lithuanian Marine, Aviation and Transit Insurance - Paid Claims (EUR Thousand and US$ Thousand), 2010-2014
Table 77: Lithuanian Marine, Aviation and Transit Insurance - Paid Claims (EUR Thousand and US$ Thousand), 2014-2019
Table 78: Lithuanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 79: Lithuanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 80: Lithuanian Non-Life Insurance - Direct Written Premium by Distribution Channel (EUR Million), 2010-2014
Table 81: Lithuanian Non-Life Insurance - Direct Written Premium by Distribution Channel (EUR Million), 2014-2019
Table 82: Lithuanian Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010-2019
Table 83: Lithuanian Average Annual Loss by Hazard, 1990-2014
Table 84: Lithuanian Non-Life Insurance - Leading Insurers by Line of Business, 2015
Table 85: Lithuanian Non-Life Insurance - Segment Shares, 2014
Table 86: Lietuvos draudimas, AB - Key Facts
Table 87: Lietuvos draudimas, AB - Key Financials (EUR Million), 2010-2014
Table 88: PZU Lietuva, UAB DK - Key Facts
Table 89: PZU Lietuva, UAB DK - Key Financials (EUR Million), 2010-2014
Table 90: Lamantinas, UAB DK - Key Facts
Table 91: Baltikums Draudimas, ADB - Key Facts
Table 92: B?sto Paskol? Draudimas, UAB - Key Facts
Table 93: Lithuania - Insurance Regulatory Framework Key Features
Table 94: Lithuania - Life Insurance Regulatory Framework
Table 95: Lithuania - Property Insurance Regulatory Framework
Table 96: Lithuania - Motor Insurance Regulatory Framework
Table 97: Lithuania - Liability Insurance Regulatory Framework
Table 98: Lithuania - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 99: Lithuania - Corporate Tax Rates for the Financial Year 2015
Table 100: Lithuania Insurance Industry - Policies and Premium, 2010-2014
Table 101: Lithuania Insurance Industry - Policies and Premium, 2014-2019
Table 102: Lithuania Non-Life Insurance - Claims and Expenses, 2010-2014
Table 103: Lithuania Non-Life Insurance - Claims and Expenses, 2014-2019
Table 104: Lithuania Non-Life Insurance - Assets and Investments, 2010-2014
Table 105: Lithuania Non-Life Insurance - Assets and Investments, 2014-2019
Table 106: Lithuania Non-Life Insurance - Direct Marketing, 2010-2014
Table 107: Lithuania Non-Life Insurance - Direct Marketing, 2014-2019
Table 108: Lithuania Non-Life Insurance - Insurance Brokers and Agencies, 2010-2014
Table 109: Lithuania Non-Life Insurance - Insurance Brokers and Agencies, 2014-2019
Table 110: Lithuania Non-Life Insurance - Bancassurance, 2010-2014
Table 111: Lithuania Non-Life Insurance - Bancassurance, 2014-2019
Table 112: Lithuania Non-Life Insurance - Property Insurance, 2010-2014
Table 113: Lithuania Non-Life Insurance - Property Insurance, 2014-2019
Table 114: Lithuania Non-Life Insurance - Property Insurance by Product, 2010-2014
Table 115: Lithuania Non-Life Insurance - Property Insurance by Product, 2014-2019
Table 116: Lithuania Non-Life Insurance - Motor Insurance, 2010-2014
Table 117: Lithuania Non-Life Insurance - Motor Insurance, 2014-2019
Table 118: Lithuania Non-Life Insurance - Motor Insurance by Product, 2010-2014
Table 119: Lithuania Non-Life Insurance - Motor Insurance by Product, 2014-2019
Table 120: Lithuania Non-Life Insurance - Liability Insurance, 2010-2014
Table 121: Lithuania Non-Life Insurance - Liability Insurance, 2014-2019
Table 122: Lithuania Non-Life Insurance - Marine, Aviation and Transit Insurance, 2010-2014
Table 123: Lithuania Non-Life Insurance - Marine, Aviation and Transit Insurance, 2014-2019
Table 124: Insurance Industry Definitions
List Of Figures
Figure 1: Lithuanian GDP - Contribution by Sector (%), 2014
Figure 2: Lithuanian Exports - Imports (EUR Billion), 2010-2014
Figure 3: Lithuanian Real GDP (EUR Billion), 2010-2019
Figure 4: EUR - US$ Exchange Rate, 2010-2019
Figure 5: Lithuanian Consumer Price Inflation, 2010-2019
Figure 6: Lithuanian Current Account Balance as a Percentage of GDP, 2010-2014
Figure 7: Lithuanian Unemployment Rate, 2010-2019
Figure 8: Lithuanian Population by Age Group, 1990-2025
Figure 9: Lithuanian Non-Life Insurance Penetration - Regional Comparison (%), 2014
Figure 10: Lithuanian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2014
Figure 11: Lithuanian Non-Life Insurance - Gross Written Premium (EUR Million), 2010-2019
Figure 12: Lithuanian Non-Life Insurance - Penetration (%), 2010-2019
Figure 13: Lithuanian Non-Life Insurance - Premium per Capita (EUR), 2010-2019
Figure 14: Lithuanian Non-Life Insurance - Number of Policies Sold (Million), 2010-2019
Figure 15: Lithuanian Non-Life Insurance - Paid Claims (EUR Million), 2010-2019
Figure 16: Lithuanian Non-Life Insurance - Profitability Ratio (%), 2010-2019
Figure 17: Lithuanian Non-Life Insurance - Total Assets (EUR Million), 2010-2019
Figure 18: Lithuanian Non-Life Insurance - Total Investment Income (EUR Million), 2010-2019
Figure 19: Lithuanian Non-Life Insurance - Investment Portfolio (EUR Million), 2010-2019
Figure 20: Lithuanian Non-Life Insurance - Investment Portfolio Dynamics (%), 2010-2019
Figure 21: Lithuanian Non-Life Insurance - Gross Written Premium by Category (EUR Million and US$ Million), 2010-2019
Figure 22: Lithuanian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 23: Lithuanian Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2019
Figure 24: Lithuanian Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 25: Lithuanian Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2019
Figure 26: Lithuanian Property Insurance - Paid Claims (EUR Million), 2010-2019
Figure 27: Lithuanian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (EUR Million and Percentage), 2010-2019
Figure 28: Lithuania Motor Insurance - Share of New Vehicle Registrations (%), 2015
Figure 29: Lithuanian Motor Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2019
Figure 30: Lithuanian Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 31: Lithuanian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2019
Figure 32: Lithuanian Motor Insurance - Paid Claims (EUR Million), 2010-2019
Figure 33: Lithuanian Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019
Figure 34: Lithuanian Liability Insurance - Gross Written Premium (EUR Million), 2010-2019
Figure 35: Lithuanian Liability Insurance - Number of Policies Sold (Thousand), 2010-2019
Figure 36: Lithuanian Liability Insurance - Paid Claims (EUR Million), 2010-2019
Figure 37: Lithuanian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019
Figure 38: Lithuania Marine, Aviation and Transit Insurance - Foreign Direct Investments (% change), 2010-2014
Figure 39: Lithuanian Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2010-2019
Figure 40: Lithuanian Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2010-2019
Figure 41: Lithuanian Marine, Aviation and Transit Insurance - Paid Claims (EUR Thousand), 2010-2019
Figure 42: Lithuanian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019
Figure 43: Lithuanian Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019
Figure 44: Lithuanian Frequency of Hazards by Type, 1990-2014
Figure 45: Lithuanian Morality of Hazards by Type, 1990-2014
Figure 46: Lithuanian Economic issues of Hazards by Type, 1990-2014
Figure 47: Lithuanian Non-Life Insurance - Segment Shares 2014
Figure 48: Lithuania - The Three Pillars of Solvency II
Figure 49: Lithuania - Insurance Supervision and Control at Various Levels
Figure 50: Lithuania - Insurance Regulatory Frameworks for Company Registration and Operation
