Iraq Insurance Industry – Governance, Risk and Compliance
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Iraq Insurance Industry Report Overview
The Iraqi insurance industry is regulated mainly by the Iraqi Insurance Diwan (IID)and IAIS. The Iraq insurance industry research 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 the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · Iraqi Insurance Diwan (IID)
· International Association of Insurance Supervisors (IAIS) |
Compulsory Insurances | · Motor Third-Party 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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Iraq Insurance Industry – Key Regulators and Legislation
Iraqi Insurance Diwan (IID): The IID supervises and regulates the Iraqi insurance industry. The IID was established as an independent body that defines policies and procedures regarding the supervision and regulation of the insurance industry. IID is a component of the Iraqi Ministry of Finance. Established under the IBR 2005, the IID regulates the insurance and reinsurance industry under the provisions stipulated in the IBR and subsidiary legislations.
International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.
The key laws and regulations in the Iraq insurance industry are as follows:
- Insurance Business Regulation Act No. 10 of 2005 or the IBR 2005
- Compulsory Car Accident Act No. 52 of 1980
- The Civil Aviation Act No. 148 of 1974
- Instruction No. 15 of 2012 regarding minimum capital requirements
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Iraq Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Iraq insurance industry are:
- Motor Third-Party Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Iraq Insurance Industry Analysis by Compulsory Insurances
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Iraq Insurance Industry - Company Registration and Operation
A license is required to operate in the Iraq insurance industry. Article 14 of the IBR 2005 requires any company willing to operate an insurance or reinsurance business in Iraq must be authorized by the IID and obtain a separate license for separate classes of the insurance business. No business must be conducted without prior approval from the IID. In addition, all insurance intermediaries are required to obtain a license and authorization from the IID.
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Iraq Insurance Industry - Taxation
The different types of taxes in the Iraq insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: The General Commission for Taxes (GCT) and Income Tax Directorate (ITD) administer and supervise that tax in Federal Iraq and the Kurdistan Region respectively. Primarily, the Federal Income Tax Law No. 113 of November 22, 1982 – as amended in 2003 – and Income Tax Law No. 5 of 1999 govern Iraqi taxation. The law does not impose a tax on the state-level or municipal level.
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Scope
- The report covers details of the insurance regulatory framework in Iraq.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The IID is the government regulatory body responsible for supervising and regulating the Iraqi insurance industry.
- A composite insurance license is not issued by the IID. However, the license to practice long-term insurance business automatically authorizes the insurer to practice health insurance and personal accident insurance.
- Insurance policies issued in the country are exempt from premium taxes.
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 Iraq.
- Track the latest regulatory changes and expected changes impacting the Iraq 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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Who is the key regulator of the Iraq insurance industry?
The Iraqi insurance industry is regulated mainly by the Iraqi Insurance Diwan (IID).
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Which other body oversees the Iraq insurance industry?
Another body that oversees the Iraq insurance industry is IAIS.
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What are the compulsory insurances in the Iraq insurance industry?
Some of the compulsory insurances required within the Iraq insurance industry are motor third-party liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed in the Iraq insurance industry?
The different types of taxes in the Iraq insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value added tax.
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