Dominica Insurance Industry – Governance, Risk and Compliance
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Dominica Insurance Industry Regulation Overview
The insurance industry in Dominica is regulated by the Financial Services Unit (FSU). The other bodies that oversee the market are the Eastern Caribbean Central Bank (ECCB), the Caribbean Association of Insurance Regulators (CAIR), and the Insurance Association of the Caribbean (IAC) among others.
The Dominica 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 | · Financial Services Unit (FSU)
· Eastern Caribbean Central Bank (ECCB) · The Caribbean Association of Insurance Regulators (CAIR) · The Insurance Association of the Caribbean (IAC) |
Compulsory Insurances | · Professional Indemnity Insurance
· Marine Liability Insurance · Motor Third-party Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Dominica Insurance Industry – Key Regulators and Legislation
Financial Services Unit (FSU): The FSU is a department of the Ministry of Finance and is responsible for the supervision of the Dominican insurance industry. The commission is instrumental in ensuring the stability and efficient functioning of insurers and intermediaries. It functions in accordance with the guidelines stipulated in Insurance Act 2012. The FSU’s primary responsibilities in the insurance industry include protecting consumers or holders of insurance contracts and providing regular updates on local and international insurance market developments among others.
Eastern Caribbean Central Bank (ECCB): The ECCB, established in October 1983, is the Monetary Authority for a group of eight island economies. The group includes Anguilla, Dominica, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. The main functions of the ECCB include promoting financial stability in the Eastern Caribbean Currency Union (ECCU) and standardizing the insurance regulatory framework across the ECCU among others.
Buy the Full Report for More Insights into the Key Regulators in the Dominica Insurance Industry
Dominica Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Dominica insurance industry are:
- Professional Indemnity Insurance
- Marine Liability Insurance
- Motor Third-party Liability Insurance
Dominica Insurance Industry Analysis by Compulsory Insurances
Buy the Full Report for More Insights into Compulsory Insurance in the Dominica Insurance Industry
Dominica Insurance Industry - Company Registration and Operation
Insurers and reinsurers are required to obtain a license to operate in the country. Section 10(1) of the Insurance Act, 2012, stipulates that insurers may conduct business only after obtaining a license and being registered with the Registrar of the FSU. In addition, intermediaries are required to obtain registration from the Registrar to mediate insurance products in the country. Section 88 of the Insurance Act 2012 prohibits insurance companies in Dominica from signing any contract with unlicensed intermediaries.
Buy the Full Report to Learn More about Company Registration and Operation in the Dominica Insurance Industry
Dominica Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Dominica. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: The government of Dominica taxes both resident and non-resident companies on income sourced from the territory. International companies operating offshore businesses are completely exempt from taxes. The corporate income tax was reduced to 25% from 28% in 2016.
Buy the Full Report to Know More about the Taxation Policies in the Dominica Insurance Industry
Scope
This report provides:
- Details of the insurance regulatory framework in Dominica.
- 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 on the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Dominica insurance industry is regulated by the FSU.
- Composite insurance is permitted in Dominica.
- 100% FDI is permitted in the Dominican insurance industry.
- Motor third-party liability insurance and windstorm insurance for the export of bananas are compulsory classes of insurance.
- Non-admitted insurance is not permitted in the Dominican insurance industry, with a few exceptions.
Reasons to Buy
- Insights into the insurance regulatory framework in Dominica.
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the Dominica 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 on various types of insurance products.
Table of Contents
Table
Figures
Frequently asked questions
-
Which is the key regulator of the Dominica insurance industry?
The Financial Services Unit (FSU) is the key regulator of the Dominica insurance industry.
-
Which are the other bodies that oversee operations in the Dominica insurance industry?
The other bodies that oversee the market are the Eastern Caribbean Central Bank (ECCB), the Caribbean Association of Insurance Regulators (CAIR), and the Insurance Association of the Caribbean (IAC) among others.
-
Which are the compulsory insurances required within the Dominica insurance industry?
Some of the compulsory insurances required within the Dominica insurance industry are professional indemnity insurance, marine liability insurance, and motor third-party liability insurance among others.
-
What are the types of taxes imposed upon the Dominica insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Dominica. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.