Governance, Risk and Compliance – The Californian Insurance Industry
- Pages: 70
- Published: November 2016
- Report Code: GD-IS0179RR
GlobalData’s 'Governance, Risk and Compliance – The Californian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in California.
It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, as well as recent and upcoming changes in the regulatory framework, taxation and legal system in the state. The report also includes the scope of non-admitted insurance in the state.
• The report covers details of the insurance regulatory framework in California.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the state’s insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
• The report provides details of taxation imposed on insurance products and insurance companies.
• The Californian insurance industry is regulated by the CDI.
• Composite insurance is not permitted in California.
• 100% FDI is permitted in the Californian insurance industry.
• Non-admitted insurance is not permitted, with a few exceptions.
• Key classes of compulsory insurance include motor third-party liability insurance and aviation third-party liability insurance.
• Effective from July 1, 2015, new guidelines for workers’ compensation insurance were introduced by the California legislation.
Reasons to buy
• Gain insights into the insurance regulatory framework in California.
• Track the latest regulatory changes, and expected changes impacting the Californian insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
• Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
1.1 What is this Report About?
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social Insurance System
2.4.3 Aviation third-party liability insurance
2.4.4 Health insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 National Association of Insurance Commissioners
2.5.3 Federal Insurance Office
2.5.4 American Insurance Association
2.5.5 National Association of Mutual Insurance Companies
2.5.6 Property Casualty Insurers of America
2.5.7 Reinsurance Association of America
2.5.8 California Department of Insurance
2.5.9 Association of California Life and Health Insurance Companies
2.5.10 Personal Insurance Federation of California
2.6 Non-Admitted Insurance Regulations
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.9 Legal System
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
List of Tables
Table 1: Insurance Industry Definitions
Table 2: The US – California – Insurance Regulatory Framework Key Features
Table 3: The US – California – Life Insurance Regulatory Framework
Table 4: The US – California – Property Insurance Regulatory Framework
Table 5: The US – California – TRIP Highlights
Table 6: The US – California – Motor Insurance Regulatory Framework
Table 7: The US – California – Liability Insurance Regulatory Framework
Table 8: The US – California – Statutory Membership in Insurance Associations
Table 9: The US – California – Minimum Paid-up Share Capital Requirements for Non-life Insurers
Table 10: The US – California – Minimum Paid-up Share Capital Requirements for Life Insurers
Table 11: The US – California – Authorization Fee for Insurers
Table 12: The US – California – License Fee for insurance intermediaries
Table 13: The US – California – Corporate Tax Rates for the Financial Year 2016
List of Figures
Figure 1: The US – California – Insurance Supervision and Control at Various Levels
Figure 2: The US – California – Insurance Regulatory Frameworks for Company Registration and Operation