Burkina Faso Insurance Industry – Governance, Risk and Compliance
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Burkina Faso Insurance Industry Regulation Overview
The insurance industry in Burkina Faso is regulated by the National Insurance Directorates (Directions Nationales des Assurances–DNA) along with the International Association of Insurance Supervisors (IAIS), and Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances–CRCA).
The Burkina Faso insurance industry governance regulation report provides a 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 also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · National Insurance Directorates (Directions Nationales des Assurances–DNA)
· International Association of Insurance Supervisors (IAIS) · Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances–CRCA). |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance · Engineering Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Burkina Faso Insurance Industry – Key Regulators and Legislation
National Insurance Directorates (Directions Nationales des Assurances–DNA): The DNA is a division of the General Directorate of the Treasury and Public Accounting (Direction Générale du Trésor et de la Comptabilité Publique DGTCP), under the Ministry of Finance. The DGTCP aims to contribute to the sound and transparent management of state finances and local authorities, as well as the viability and stability of the national financial system. The insurance division of the DGTCP, the DNA, is responsible for the supervision of Burkina Faso’s insurance industry.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
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Burkina Faso Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Burkina Faso insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Engineering Insurance
Burkina Faso Insurance Industry Analysis by Compulsory Insurances
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Burkina Faso Insurance Industry - Company Registration and Operation
A license is required to operate in the Burkina Faso insurance industry. Article 326 of the CIMA Code stipulates that companies intending to operate life and non-life insurance and reinsurance businesses in Burkina Faso can start their operations after obtaining a license from the DNA.
Reinsurers are permitted to operate without a license. However, Article 530 of the CIMA Code stipulates that intermediaries are required to obtain authorization from the DNA to mediate insurance products in the country.
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Burkina Faso Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Burkina Faso. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax. Taxation in Burkina Faso is administered by the Direction Générale des Impôts.
Corporate Income Tax: A company is said to be a resident if it is incorporated in Burkina Faso. Resident companies are taxed on the income earned from movable capital on a worldwide basis, while non-residents are taxed on the income earned from Burkina Faso. Corporate income tax is imposed on both resident and non-resident companies at a rate of more than 27%.
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Scope
This report provides:
- Details of the insurance regulatory framework in Burkina Faso
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework.
- Analysis of the rules and regulations about the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- Burkina Faso’s insurance industry is regulated by the CRCA at the regional level and by the DNA at the national level.
- Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
- Insurance companies from CIMA member states are permitted to operate in Burkina Faso without a license.
- 100% FDI is permitted in Burkina Faso’s insurance industry.
- Composite insurance is not permitted in Burkina Faso.
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 Burkina Faso.
- Track the latest regulatory changes and expected changes impacting the Burkina Faso insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices about various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Burkina Faso insurance industry?
The National Insurance Directorates (Directions Nationales des Assurances–DNA) is the key regulator of the Burkina Faso insurance industry.
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Which are the other bodies that oversee operations in the Burkina Faso insurance industry?
The International Association of Insurance Supervisors (IAIS), and Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances–CRCA) oversee the Burkina Faso insurance industry.
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Which are the compulsory insurances required within the Burkina Faso insurance industry?
Some of the compulsory insurances required within the Burkina Faso insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Burkina Faso insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Burkina Faso. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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