Gabon Insurance Industry – Governance, Risk and Compliance
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Gabon Insurance Industry Regulation Overview
The Directions Nationales des Assurances (DNA) regulates the Gabon insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS) and the Commission Régionale de Contrôle des Assurances (CRCA).
The Gabon 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 | · Directions Nationales des Assurances (DNA)
· International Association of Insurance Supervisors (IAIS) · Commission Régionale de Contrôle des Assurances (CRCA) |
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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Gabon Insurance Industry – Key Regulators and Legislation
Directions Nationales des Assurances (DNA): The Gabonese insurance industry is supervised by the Directions Nationales des Assurances (DNA) under the Ministry of Economy and Finance. The body’s main responsibilities include the conception and monitoring of the application of national rules relating to insurance. The DNA also studies the insurance industry and makes proposals to the government to ensure and improve the promotion of the national insurance industry.
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 Gabon insurance industry is:
- CIMA Code
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Gabon Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Gabon insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurance in Gabon
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Gabon Insurance Industry - Company Registration and Operation
A license is required to operate in the Gabon insurance industry. Companies intending to operate life and non-life insurance and reinsurance businesses in Gabon can start their operations after obtaining a license from the DNA. Intermediaries are also required to obtain authorization from the DA to mediate insurance products in the country However, reinsurers are permitted to operate in Gabon without a license.
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Gabon Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Gabon. 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 it is incorporated in Gabon. Both resident and non-resident companies are subject to tax on their income sourced from Gabon. Corporate income tax is imposed at a standard rate on both resident and non-resident companies.
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Scope
This report provides:
- Details of the insurance regulatory framework in Gabon.
- 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 Gabonese 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 Gabon.
- Insurance companies from CIMA member states are permitted to operate in Gabon 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 Gabon.
- Track the latest regulatory changes and expected changes impacting the Gabon 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.
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Frequently asked questions
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Which is the key regulator of the Gabon insurance industry?
The Directions Nationales des Assurances (DNA) is the key regulator of the Gabon insurance industry.
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Which other bodies oversee the Gabon insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Commission Régionale de Contrôle des Assurances (CRCA) are the regulatory and supervisory bodies that oversee the operations of the Gabon insurance industry.
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Which are the compulsory insurances required within the Gabon insurance industry?
A few of the compulsory insurances required within the Gabon 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 taxes imposed upon the Gabon insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Gabon. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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