Guinea Insurance Industry – Governance, Risk and Compliance
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Guinea Insurance Industry Regulation Overview
The insurance industry in Guinea is regulated by the Banque Centrale de la République de Guinée (BCRG). The other body that oversees the market is the International Association of Insurance Supervisors (IAIS).
The Guinea 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 | · Banque Centrale de la République de Guinée (BCRG)
· International Association of Insurance Supervisors (IAIS) |
Compulsory Insurances | · Professional Indemnity Insurance
· Marine Liability Insurance · Aviation Liability 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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Guinea Insurance Industry – Key Regulators and Legislation
Banque Centrale de la République de Guinée (BCRG): The Insurance Department of the BCRG regulates the Guinean insurance industry. The department is responsible for organizing on-site inspections for insurance and reinsurance companies and granting licenses to companies. It also ensures compliance with the provisions of the insurance regulations, as well as the laws concerning the banking system, financial institutions, and insurance companies.
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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Guinea Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Guinea insurance industry are:
- Professional Indemnity Insurance
- Marine Liability Insurance
- Aviation Liability Insurance
- Motor Third-party Liability insurance
Guinea Insurance Industry Analysis by Compulsory Insurances
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Guinea Insurance Industry - Company Registration and Operation
Companies willing to operate an insurance business in Guinea have to obtain a license from the BCRG. However, foreign (re)insurers are allowed to underwrite risk but on a cross-border basis only. Intermediaries also have to operate in the Guinean insurance industry only if they are granted a valid license.
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Guinea Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Guinea. The other taxes imposed are Corporate Income Tax (CIT), Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: In Guinea, CIT is imposed at a rate of 35% on both resident and non-resident companies. However, as per Article 229 of the tax code, any income less than GNF1,000($0.1) is exempted from tax.
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Scope
This report provides:
- Details of the insurance regulatory framework in Guinea.
- 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 Guinean insurance industry is regulated by the BCRG.
- There are no compulsory classes of insurance in Guinea.
- 55% FDI is permitted in the Guinean insurance industry.
- Non-admitted insurance is permitted when local capacity is not available.
- Composite insurance is permitted in Guinea.
Reasons to Buy
- Insights into the insurance regulatory framework in Guinea.
- 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 Guinea 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 Guinea insurance industry?
The Banque Centrale de la République de Guinée (BCRG) is the key regulator of the Guinea insurance industry.
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Which are the other bodies that oversee operations in the Guinea insurance industry?
The International Association of Insurance Supervisors (IAIS) also oversees the Guinea insurance industry.
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Which are the compulsory insurances required within the Guinea insurance industry?
Some of the compulsory insurances required within the Guinea insurance industry are professional indemnity insurance, marine liability insurance, motor third-party liability insurance, and aviation liability insurance among others.
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What are the types of taxes imposed upon the Guinea insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Guinea. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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