Dominican Republic Insurance Industry – Governance, Risk and Compliance

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

$950
Buy Report View Sample

Published: May 05, 2023 Report Code: GDIS0098RR-ST

Select Item

Dominican Republic Insurance Industry Report Overview

The Dominican Republic insurance industry is regulated mainly by the Superintendent of Insurance (SOI). Other bodies that oversee the industry are the IAIS and the Association of Insurance Supervisors Latin America (ASSAL).

The Dominican Republic 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 ·       Superintendent of Insurance (SOI)

·       International Association of Insurance Supervisors (IAIS)

·       Association of Insurance Supervisors Latin America (ASSAL)
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
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.

Buy the Full Report to Know More About Dominican Republic’s Insurance Industry Governance, Risk, and Compliance, Download a Free Report Sample 

Dominican Republic Insurance Industry – Key Regulators and Legislation

Superintendent of Insurance (SOI): The Superintendent of Insurance is responsible for regulating the activities of insurers, reinsurers, and insurance intermediaries in the Dominican Republic. The Decree of the Executive or Law No. 68 in 1930 introduced the initial Superintendent and Law No. 400 enacted on January 9, 1969, declared the Superintendent’s administrative responsibilities, which is the supervision and regulation of insurance companies in the country. Article 244 of Law 146 demands the Superintendent to be Dominican by birth and origin and have experience exceeding 25 years in any field of knowledge.

International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.

The key laws and regulations in the Dominican Republic insurance industry are as follows:

  • Law 126 of 1971 on Private Insurance
  • Law 400 of 1969 on the Superintendent of Insurance
  • Law 4117 on Mandatory Insurance for Motor Vehicles
  • Social Security Law 2001
  • Liability Convention 1992

Buy the Full Report to Know More About Dominican Republic Insurance Industry Regulators and Legislation, Download a Free Report Sample 

Dominican Republic Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Dominican Republic insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Dominican Republic Insurance Industry Analysis by Compulsory Insurances

Buy the Full Report for More Compulsory Insurance Insights into the Dominican Republic Insurance Industry

Download a Free Report Sample 

Dominican Republic Insurance Industry - Company Registration and Operation

A license is required to operate in the Dominican Republic insurance industry. Article 21 of Law 146 mandates insurers and reinsurers to obtain a license and authorization from the Superintendent to operate insurance or reinsurance business in the country. In addition, Article 199 of the Law prohibits intermediaries from operating in the Dominican insurance industry without authorization by the Superintendent.

Buy the Full Report to Learn More About Company Registration and Operation in Dominican Republic’s Insurance Industry, Download a Free Report Sample 

Dominican Republic Insurance Industry - Taxation

The different types of taxes in the Dominican Republic insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.

Corporate Income Tax: This is levied on net income earned from various sources of business activities conducted within the country for both local and foreign companies, in accordance with the territorial taxation system in the Dominican Republic. No surtax is imposed on overall income.

Buy Full Report to Know More About License in the Dominican Republic Insurance Industry, Download a Free Report Sample 

Scope

  • The report covers details of the insurance regulatory framework in the Dominican Republic.

  • 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 Dominican insurance industry is regulated by the Superintendent of Insurance.

  • 100% foreign direct investment is permitted in the Dominican insurance industry.

  • Composite insurance is not permitted in the Dominican Republic, although both life and non-life insurers are permitted to operate accident and health insurance businesses.

  • Motor third-party liability, workers’ compensation, and public health insurance are compulsory.

  • Non-admitted insurers are not permitted in the Dominican insurance industry.

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 Dominican Republic.

  • Track the latest regulatory changes and expected changes impacting the Dominican Republic 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 pertaining to various types of insurance products.

Table of Contents

  • 1. DOMINICAN REPUBLIC

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control

      • 1.1.2. Legislation

  • 2. Compulsory Insurance

    • 2.1. Non-Admitted Insurance Regulations

    • 2.2. Company Registration and Operation

      • 2.2.1. License

      • 2.2.2. Foreign Direct Investment / Ownership

      • 2.2.3. Minimum Capital Requirements

      • 2.2.4. Solvency Margins

      • 2.2.5. Reserve Requirements

      • 2.2.6. Statutory Return Requirements

      • 2.2.7. Fee Structure

    • 2.3. Taxation

      • 2.3.1. Tax on Insurance Premium

      • 2.3.2. Corporate Income Tax

      • 2.3.3. Corporate Capital Gains Tax

      • 2.3.4. Value Added Tax

    • 2.4. Legal System

    • 2.5. Policy Practice

  • 3. About GlobalData

  • 4. Contact Us

Table

Dominican Republic – Minimum Liability Limits and Base Premium Rate for Motor Third-Party Liability Policies

Dominican Republic – Surcharges on Base Premium Based on Power and Use of Vehicle

Dominican Republic – Corporate Tax Rates for the Financial Year 2023

Figures

List of Tables

Dominican Republic – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

Dominican Republic Insurance Industry – Governance, Risk and Compliance standard reports
Currency USD
$950

Can be used by individual purchaser only

Most Popular
$1,425

Can be shared by unlimited users within one corporate location e.g. a regional office

$1,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Add to Basket

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

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.

Sample Report

Dominican Republic Insurance Industry – Governance, Risk and Compliance was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

 Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

 Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

 Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

 Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

 Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

 Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

 Senior Account Manager, TSYS

Related reports

View more Insurance reports
Financial Services
New
Worldline - Competitor Profile
$350 | March 2024
Financial Services
New
Global Risk Report Quarterly Update - Q1 2024
$1,100 | April 2024
Financial Services
New
United Kingdom (UK) Private Landlord Insurance Market Analysis and Competitive…
$3,450 | April 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Dominican Republic Insurance Industry – Governance, Risk and Compliance in real time.

  • Access a live Dominican Republic Insurance Industry – Governance, Risk and Compliance dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.
Tell me more