Algeria Insurance Industry – Governance, Risk and Compliance
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Algeria Insurance Industry Report Overview
The Algeria insurance industry is regulated mainly by the Conseil National Des Assurances (CNA). Another body that oversees the industry is the African Insurance Organization (AIO).
The Algeria insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · Conseil National Des Assurances (CNA)
· African Insurance Organization (AIO) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social security insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Algeria Insurance Industry – Key Regulators and Legislation
Conseil National Des Assurances (CNA): The insurance industry in Algeria is regulated by the CNA, which comes under the Treasury of the Ministry of Finance. The regulatory authority was instituted by the Government of Algeria in order to reduce and eliminate irregularities in the insurance industry to protect the interests of policyholders and insurers. It supervises insurance companies, insurance brokerage companies, insurance agents, and brokers.
The key laws and regulations in the Algeria insurance industry are as follows:
- The Ordinance 95-07 of 1995
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Algeria Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Algeria insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social security insurance
Algeria Insurance Industry Analysis by Compulsory Insurances
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Algeria Insurance Industry - Company Registration and Operation
A license is required to operate in the Algeria insurance industry. In Algeria, the establishment of an insurance company should be approved by the Ministry of Finance in accordance with Article 6 of Executive Decree No 96-267 of 3 August 1996, which was amended and supplemented by Executive Decree No. 07-152 of 22 May 2007. In addition, according to Ordinance 95-07, insurance and reinsurance companies can operate only after obtaining approval from the Minister of Finance.
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Algeria Insurance Industry - Taxation
The different types of taxes in the Algeria insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: Corporate income tax is imposed on both resident and non-resident companies in Algeria. A company is said to be a resident if it is incorporated in Algeria. Additionally, branches of foreign companies and permanent establishments are also considered residents. Corporate income tax is imposed on the profits of companies derived from Algerian sources at different rates. For instance, for manufacturing activities, it is levied at 19%.
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Scope
- The report covers details of the insurance regulatory framework in Algeria.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
• The insurance industry in Algeria is regulated by CNA.
• Composite insurance is permitted in Algeria.
• Non-admitted insurance is not permitted in Algeria.
• Motor third-party liability insurance and property insurance against natural disasters are the key classes of compulsory insurance in Algeria.
• Insurance premium tax is imposed at a rate of 2% on life and non-life insurance premiums.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Algeria.
- Track the latest regulatory changes and expected changes impacting the Algeria 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 about various types of insurance products.
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Frequently asked questions
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Who are the key regulators of the Algeria insurance industry?
The Algeria insurance industry is regulated mainly by the Conseil National Des Assurances (CNA).
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Which other body oversees the Algeria insurance industry?
Another body that oversees the industry is the African Insurance Organization (AIO).
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What are the compulsory insurances in the Algeria insurance industry?
Some of the key compulsory insurances required within the Algeria insurance industry are motor third-party liability insurance, marine liability insurance, aviation liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed in the Algeria insurance industry?
The different types of taxes in the Algeria insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
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