Cyprus Insurance Industry – Governance, Risk and Compliance
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Cyprus Insurance Industry Regulation Overview
The Insurance Companies Control Service (ICCS) regulates the Cyprus insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Insurance Association of Cyprus (IAC) act as the other supervisors.
The Cyprus Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Insurance Companies Control Service (ICCS)
· International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) · Insurance Association of Cyprus (IAC) |
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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Cyprus Insurance Industry – Key Regulators and Legislation
Insurance Companies Control Service (ICCS): The ICCS is mainly responsible for the supervision of the operations of insurance companies and the implementation of insurance laws and regulations. It regulates the way insurance companies carry on their insurance business and determines the way supervision is to be exercised. Furthermore, the ICCS is headed by the Superintendent of Insurance and assisted by the Assistance Superintendent of Insurance.
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.
The law regulating the Cyprus insurance industry is:
- Insurance Law 2016
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Cyprus Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Cyprus insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Cyprus Insurance Industry Analysis by Compulsory Insurances
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Cyprus Insurance Industry - Company Registration and Operation
A license is required to operate in the Panama insurance industry. Companies need to apply to the ICCS for authorization to carry on insurance and reinsurance business in the country and intermediaries need authorization to mediate insurance products. Additionally, Article 17 of the Insurance Law stipulates that reinsurance companies can be established only as limited liability companies in accordance with the Companies Law.
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Cyprus Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Cyprus. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Taxation in Cyprus is administered by the Department of Inland Revenue, in accordance with the Income Tax Law, Capital Gains Tax Law, VAT Law, and Commissioners’ Circulars. Corporate income tax is charged on both resident and nonresident companies in Cyprus. Resident companies are taxed on worldwide income while non-resident companies are taxed only on the income earned in Cyprus. Branches of a foreign company are taxed the same way as a resident company. A company is considered a resident of Cyprus when the principal management is located within the country and the company is controlled from inside. A company will also be a resident if it is incorporated or registered in Cyprus, but the management and control are foreign.
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Scope
This report provides:
- Details of the insurance regulatory framework in Cyprus
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- Insurance Companies Control Service (ICCS) regulates the Cypriot insurance industry.
- Composite insurance is not permitted in Cyprus.
- Solvency II, which introduced new risk management standards for insurers, was implemented at the beginning of 2016.
- Employer’s liability insurance and motor third-party liability insurance are key compulsory insurance classes in Cyprus.
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 Cyprus.
- Track the latest regulatory changes and expected changes impacting the Cypriot 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.
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Frequently asked questions
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Which is the key regulator of the Cyprus insurance industry?
The Insurance Companies Control Service (ICCS) is the key regulator of the Cyprus insurance industry.
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Which other bodies oversee the Cyprus insurance industry?
The International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Insurance Association of Cyprus (IAC) oversee the Cyprus insurance industry.
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Which are the compulsory insurances required within the Cyprus insurance industry?
Some key compulsory insurances required within the Cyprus 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 types of taxes are imposed upon the Cyprus insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Cyprus. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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