Gambia Insurance Industry – Governance, Risk and Compliance
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Gambia Insurance Industry Regulation Overview
The insurance industry in Gambia is regulated by the Central Bank of the Gambia (CBG). The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS) and the African Insurance Organization (AIO) among others.
The Gambia 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 | · Central Bank of the Gambia (CBG)
· International Association of Insurance Supervisors (IAIS) · African Insurance Organization (AIO) |
Compulsory Insurances | · Professional Indemnity Insurance
· Marine Liability Insurance · Social Security Insurance · Motor Third-party Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Gambia Insurance Industry – Key Regulators and Legislation
Central Bank of the Gambia (CBG): The CBG was established in 1971, following its takeover of assets of the then the Gambia Currency Board. The responsibility of insurance supervision and regulation was transferred from the Commissioner of Insurance to the CBG in 1997. The CBG’s responsibilities include issuing licenses to insurers, reinsurers, and intermediaries and enhancing customer understanding of insurance products and services among others.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents 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.
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Gambia Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Gambia insurance industry are:
- Professional Indemnity Insurance
- Marine Liability Insurance
- Social Security Insurance
- Motor Third-party Liability insurance
Gambia Insurance Industry Analysis by Compulsory Insurances
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Gambia Insurance Industry - Company Registration and Operation
As per the Insurance Act 2003, insurers, reinsurers, and intermediaries need to obtain authorization from the CBG to operate any business in Gambia. Section 6 of the Insurance Act 2003 stipulates that the types of organizations are granted licenses to carry out insurance business in the country. This includes societies registered under the Co-operative Societies Act and companies incorporated under the Companies Act among others. Similarly, Section 15 of the Insurance Regulations 2005, provides guidelines about the operations of an insurance broker or loss adjuster.
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Gambia Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Gambia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: The Gambian government imposes corporate income tax on resident companies at a standard rate of 27%. The government also levies an Alternative Minimum Tax (AMT) of 1.0% of gross revenue for audited accounts and 2.0% of gross revenue for unaudited accounts.
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Scope
This report provides:
- Details of the insurance regulatory framework in Gambia.
- 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 Gambian insurance industry is regulated by the CBG.
- Motor third-party liability insurance is compulsory in the Gambia.
- Non-admitted insurance is prohibited, with a few exceptions.
- 100% FDI is permitted in the Gambian insurance industry.
- Insurance premium tax is not imposed on insurance products and services in the Gambian insurance industry.
Reasons to Buy
- Insights into the insurance regulatory framework in Gambia.
- 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 Gambia 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.
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Frequently asked questions
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Which is the key regulator of the Gambia insurance industry?
The Central Bank of the Gambia (CBG) is the key regulator of the Gambia insurance industry.
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Which are the other bodies that oversee operations in the Gambia insurance industry?
The International Association of Insurance Supervisors (IAIS) and the African Insurance Organization (AIO) among others oversee the Gambia insurance industry.
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Which are the compulsory insurances required within the Gambia insurance industry?
Some of the compulsory insurances required within the Gambia insurance industry are professional indemnity insurance, marine liability insurance, motor third-party liability insurance, and social security insurance among others.
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What are the types of taxes imposed upon the Gambia insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Gambia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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