Equatorial Guinea Insurance Industry – Governance, Risk and Compliance
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Equatorial Guinea Insurance Industry Regulation Overview
The Ministry of Finance (MoF) regulates the Equatorial Guinea insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS) and the Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances–CRCA).
The Equatorial Guinea 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 | · Ministry of Finance (MoF)
· 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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Equatorial Guinea Insurance Industry – Key Regulators and Legislation
Ministry of Finance (MoF): The insurance industry in Equatorial Guinea is governed by the MoF following the Inter-African Conference on Insurance Markets (Conférence Interafricaine des Marchés d’Assurances – CIMA) Code. Some of the general functions of the MoF include promoting and supervising the insurance industry and safeguarding the interests of policyholders and insurance beneficiaries.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing 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.
The law regulating the Equatorial Guinea insurance industry is:
- CIMA Code
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Equatorial Guinea Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Equatorial Guinea insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Engineering Insurance
Compulsory Insurances in Equatorial Guinea
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Equatorial Guinea Insurance Industry - Company Registration and Operation
A license is required to operate in the Equatorial Guinea insurance industry. Companies intending to operate life and non-life insurance and reinsurance businesses in Equatorial Guinea can start their operations after obtaining a license from the MoF. Moreover, intermediaries are required to obtain authorization from the MoF to mediate insurance products in the country. However, reinsurers are permitted to operate without a license as well.
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Equatorial Guinea Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Equatorial Guinea. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: A company is said to be a resident if its registered office or center of activity is in Equatorial Guinea. Resident companies are taxed on their global income, while non-residents are subject to tax on their income sourced from Equatorial Guinea.
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Scope
This report provides:
- Details of the insurance regulatory framework in Equatorial Guinea.
- 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 Equatorial Guinea insurance industry is regulated by the CRCA at the regional level and by the MoF at the national level.
- Composite insurance is not permitted in Equatorial Guinea.
- Insurance companies from CIMA member states are permitted to operate in Equatorial Guinea without a license.
- Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
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 Equatorial Guinea.
- Track the latest regulatory changes and expected changes impacting the Equatorial Guinean 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
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Frequently asked questions
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Which is the key regulator of the Equatorial Guinea insurance industry?
The Ministry of Finance (MoF) is the key regulator of the Equatorial Guinea insurance industry.
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Which other bodies oversee the Equatorial Guinea insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances–CRCA) are the regulatory and supervisory bodies that oversee the operations of the Equatorial Guinea insurance industry.
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Which are the compulsory insurances required within the Equatorial Guinea insurance industry?
A few of the compulsory insurances required within the Equatorial Guinea insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and engineering insurance.
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What are the taxes imposed upon the Equatorial Guinea insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Equatorial Guinea. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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