Republic of the Congo Insurance Industry – Governance, Risk and Compliance
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Republic of the Congo Insurance Industry Regulation Overview
The National Insurance Directorates (Directions Nationales des Assurances–DNA) regulates and supervises the Republic of the Congo insurance industry with support from the International Association of Insurance Supervisors (IAIS), and Regional Insurance Control Commission (Commission Regional des Assurances–CRCA).
The Republic of the Congo insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types, including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · National Insurance Directorates (Directions Nationales des Assurances–DNA)
· International Association of Insurance Supervisors (IAIS) · Regional Insurance Control Commission (Commission Regional des Assurances–CRCA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Third-Party Liability Insurance · Marine Third-Party 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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Republic of the Congo Insurance Industry – Key Regulators and Legislation
National Insurance Directorates (Directions Nationales des Assurances–DNA): The DNA works under the country’s Finance Ministry and is responsible for monitoring and implementing the national insurance rules. It is also responsible for the regulation and supervision of the financial services sector, including the insurance industry. The main objective of DNA is to inspect the insurance companies and intermediaries operating in the country and propose improvements to the government.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of over 200 jurisdictions in more than 140 countries. 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.
The regulations governing the insurance industry are stipulated in the CIMA Code. The CIMA Code is divided into eight books, with each book dealing with a particular aspect of insurance regulation.
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Republic of the Congo Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Republic of the Congo insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Third-Party Liability Insurance
- Marine Third-Party Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in the Republic of the Congo
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Republic of the Congo Insurance Industry - Company Registration and Operation
As noted earlier, Congo’s insurance industry is governed by the CIMA Code. According to Article 326 of the CIMA Code, insurers intending to carry out business in the Congo should obtain a license from the DNA. According to Article 804 of Book VIII, reinsurers are required to obtain a license if their headquarters is not situated in a CIMA country. Reinsurance companies registered in member states cannot operate before the approval of the Minister in charge of insurance of that member state. Additionally, in Article 530 of the CIMA Code, intermediaries are required to obtain authorization from the DNA to mediate insurance products in the country.
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Republic of the Congo Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in the Republic of the Congo. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Resident companies are taxed only on their income generated from Congo, while income generated from foreign countries is exempt from CIT. Non-resident companies are subject to tax on their income sourced from Congo. At present, the standard corporate income tax is imposed at a rate of 28%.
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Scope
This report provides:
- Details of the insurance regulatory framework in Congo.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
• The Congolese insurance industry is regulated by the CRCA at the regional level and by the DNA at the national level
• Composite insurance is not permitted in Congo.
• 100% FDI is permitted in the Congolese insurance industry.
• Insurance companies from CIMA member states are permitted to operate in Congo without a license.
• Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
Reasons to Buy
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Congo.
- Track the latest regulatory changes and expected changes impacting the Congolese 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.
Table of Contents
Table
Frequently asked questions
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Which is the key regulator of the Republic of the Congo insurance industry?
The National Insurance Directorates (Directions Nationales des Assurances–DNA) is the key regulator of the Congolese insurance industry.
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Which other bodies oversee the Republic of the Congo insurance industry?
The other bodies that oversee operations in the Congolese insurance industry are the International Association of Insurance Supervisors (IAIS), and the Regional Insurance Control Commission (Commission Regional des Assurances–CRCA).
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Which are the compulsory insurances required within the Republic of the Congo insurance industry?
A few of the compulsory insurances required within the Republic of the Congo insurance industry are motor third-party liability insurance, professional indemnity insurance, marine liability insurance, aviation liability insurance, and social security insurance among others.
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What types of taxes are imposed upon the Republic of the Congo insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in the Republic of the Congo. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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