Cape Verde Insurance Industry – Governance, Risk and Compliance
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Cape Verde Insurance Industry Regulation Overview
The Bank of Cape Verde (BCV) acts as the regulator of the Cape Verde insurance industry along with IAIS and AIO. The Cape Verde 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 | · Bank of Cape Verde (BCV)
· International Association of Insurance Supervisors (IAIS) · 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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Cape Verde Insurance Industry – Key Regulators and Legislation
Bank of Cape Verde: The key functions performed by the bank include taking necessary steps for the development and effective supervision of insurance companies, providing reports, advice, and assistance on any financial-related matters, establishing a rapidly responding and transparent regulatory system, regulating the funds invested by insurance companies, and deciding on fees and other charges for carrying out insurance business. BCV also protects policyholders’ interests in matters of policy, insurable interest, the nomination of policyholders, insurance claim settlements, and other terms and conditions.
International Association of Insurance Supervisors: 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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Cape Verde Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Cape Verde insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Cape Verde Insurance Industry Analysis by Compulsory Insurances
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Cape Verde Insurance Industry - Company Registration and Operation
A license is required to operate in the Cape Verde insurance industry. Article 23 of the decree stipulates that to open branches, offices, or an agency to conduct insurance business, prior approval from the bank is needed. According to Article 26 of Decree No. 25 of 2010, insurance or reinsurance intermediaries must obtain a license from the BCV to carry out insurance or reinsurance mediation activities. The establishment of an insurance company is supervised and regulated by the BCV and guidelines are outlined in Legislative Decree No. 3 of 2010.
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Cape Verde Insurance Industry – Taxation
Tax is imposed upon insurance premium within the insurance industry in Cape Verde. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Taxation is administered and supervised by the Ministry of Finance who is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration on the island. For tax purposes, a company is considered a resident company if its registered head office or its place of effective management is in Cape Verde. Resident companies are taxed on their worldwide income, while non-resident companies are taxed only on their Cape Verde-sourced income.
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Scope
This report provides:
- Details of the insurance regulatory framework in Cape Verde
- 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 pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The Cape Verde insurance industry is regulated by the BCV.
- Composite insurance is permitted.
- 100% foreign direct investment is permitted in the Cape Verdean insurance industry.
- Motor third-party liability insurance, workers’ compensation insurance, and aviation liability insurance are the key compulsory classes of insurance in Cape Verde.
- Non-admitted insurance is prohibited, with a few exceptions.
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 the Cape Verde.
- Track the latest regulatory changes and expected changes impacting the Cape Verdean 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 pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Cape Verde insurance industry?
The Bank of Cape Verde (BCV) is the key regulator of the Cape Verde insurance industry.
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Which other bodies oversee the Cape Verde insurance industry?
The International Association of Insurance Supervisors (IAIS) and the African Insurance Organization (AIO) oversee the Cape Verde insurance industry.
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Which are the compulsory insurances required within the Cape Verde insurance industry?
Some of the compulsory insurances required within the Cape Verde insurance industry are motor third-party liability insurance, aviation 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 Cape Verde insurance industry?
Tax is imposed upon insurance premium within the insurance industry in Cape Verde. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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