Grenada Insurance Industry – Governance, Risk and Compliance

Grenada Insurance Industry Government Regulation Analysis Report Overview

The insurance industry in Grenada is regulated by the Grenada Authority for the Regulation of Financial Institutions (GARFIN). The other bodies that oversee the market are the Eastern Caribbean Central Bank (ECCB) and the Caribbean Association of Insurance Regulators (CAIR) among others.

The Grenada 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.

Grenada Insurance Industry – Key Regulators and Legislation

Grenada Authority for the Regulation of Financial Institutions (GARFIN): The establishment of GARFIN in 2007 significantly strengthened the supervision of the non-banking financial sector including the insurance sector. It is an operationally independent statutory corporation, which regulates all financial sectors excluding the commercial banks and securities business. The main objectives of Garfin include creating and maintaining public confidence in the financial system and creating awareness of the system among others.

Eastern Caribbean Central Bank (ECCB): The ECCB was established in October 1983. It is the Monetary Authority for a group of eight island economies, which includes Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. The main functions of the bank are to promote financial stability in the Eastern Caribbean Currency Union (ECCU) and standardize the insurance regulatory framework among others.

Furthermore, Garfin follows insurance guidelines to regulate the insurance industry in Grenada, including:

• Insurance Act 2010
• Insurance guideline 1 – Payment of compensation to unregistered persons
• Insurance guideline 2 – Agents and salespersons representing multiple insurers
• Insurance guideline 3 – Disclosure of material changes
• Insurance guideline 4 – Disclosure of material information to insured persons

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Grenada Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Grenada insurance industry are:

• Motor third-party Liability Insurance
• Marine Liability Insurance
• Social Security Insurance
• Professional Liability insurance

Grenada Insurance Industry Analysis by Compulsory Insurances

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Grenada Insurance Industry - Company Registration and Operation

Insurers are required to obtain a license to operate in the country. Article 78 of the Act mandates insurers to be registered with the Association of Underwriters to carry on insurance business in Grenada. Similarly, the Insurance Act 2010 mandates every local broker to be registered in the country to mediate insurance contracts. Furthermore, GARFIN issues separate licenses for insurance intermediaries to carry out mediation activities.

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Grenada Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Grenada. The other taxes imposed are Corporate Income Tax (CIT), Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: A company is considered a resident company in Grenada if it is incorporated, or its central management and control is located and exercised in the country. Resident companies are subject to income tax on their worldwide income and all sources of non-exempt income. On the other hand, the non-resident companies are taxed on income sourced only from Grenada. The standard rate of corporate income tax is 30% in the country.

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Scope

This report provides:

• Details of the insurance regulatory framework in Grenada.
• 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 Grenadian Authority for the Regulation of Financial Institutions regulates the Grenadian insurance industry.
• Composite insurance is permitted in the Grenadian insurance industry.
• Insurance levy at a rate of 1% is imposed on all insurance contracts except life insurance.
• Non-admitted insurance is not permitted in the Grenadian insurance industry. However, non-admitted reinsurers are permitted.
• It is compulsory for all companies/businesses operating in Grenada to register with the National Insurance Scheme.

Reasons to Buy

• Insights into the insurance regulatory framework in Grenada.
• 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 Grenada 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.