Israel Insurance Industry – Governance, Risk and Compliance
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Israel Insurance Industry Regulation Overview
The Israel insurance industry is supervised and regulated by the Capital Markets, Insurance and Savings Authority (CMISA) under the Ministry of Finance (MOF). The CMISA supervises the insurance industry according to Israeli insurance law, regulations, circulars, and instructions.
The Israel insurance industry governance regulation 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. The report brings together GlobalData’s research, modeling, and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
Key Regulators | · Capital Markets, Insurance and Savings Authority (CMISA)
· International Association of Insurance Supervisors (IAIS) · Israel Insurance Association (RA) · The Association of Life Insurance Companies of Israel Ltd. |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Liability Insurance · Personal Accident Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Israel Insurance Industry – Key Regulators and Legislation
Capital Markets, Insurance and Savings Authority (CMISA): The primary responsibilities of the CMISA are protecting consumer or policyholder interests, ensuring stability and proper management of insurance entities, licensing insurance companies, and publishing guidelines and directives among others.
International Association of Insurance Supervisors (IAIS): The IAIS 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.
Israel Insurance Association (RA): The RA is a non-profit voluntary organization, registered with the Registrar of Societies. Any licensed general or marine insurer can join the association as a member. It represents the insurers before the supervisor of insurance and the other government authorities. The organization also handles legislation-related matters.
The Association of Life Insurance Companies of Israel Ltd: The Association of Life Insurance Companies of Israel established in 1957 is a voluntary association that is incorporated as a private company and registered with the Registrar of Companies.
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Israel Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Israel insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Liability Insurance
- Personal Accident Insurance
Compulsory Insurance in Israel
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Israel Insurance Industry - Company Registration and Operation
Organizations that are granted licenses to carry on insurance business in Israel are a company incorporated in Israel. Additionally, a branch office of a foreign insurance company, which is registered in Israel as a foreign company and is authorized as an insurance company in its domiciled country is also granted licenses.
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Israel Insurance Industry – Taxation
The taxes imposed in the Israel insurance industry are a tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: Any company incorporated in Israel, or if its activities are managed from Israel is considered a resident company and must operate by the laws of Israel. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on income sourced from Israel.
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Scope
- The report covers details of the insurance regulatory framework in Israel.
- 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 Israeli insurance industry is regulated by the Capital Markets, Insurance, and Savings Division of the Ministry of Finance.
- 100% FDI is permitted in the Israeli insurance industry.
- Composite insurance is permitted in the Israeli insurance industry.
- Motor bodily injury insurance, oil pollution liability insurance for ships, health insurance, and workmen’s compensation insurance are the key classes of compulsory insurance.
- Non-admitted insurance is not permitted in the Israeli insurance industry; however reinsurance business by a foreign insurer does not require a license.
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 Israel.
- Track the latest regulatory changes and expected changes impacting the Israeli 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 about various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Israel insurance industry?
Capital Markets, Insurance and Savings Authority (CMISA) is the key regulator of the Israel insurance industry.
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Which other bodies oversee the Israel insurance industry?
The International Association of Insurance Supervisors (IAIS), Israel Insurance Association (RA), and the Association of Life Insurance Companies of Israel Ltd are the regulatory and supervisory bodies that oversee the operations of the Israeli insurance industry.
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Which are the compulsory insurances required within the Israeli insurance industry?
A few of the compulsory insurances required within the Israeli insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, liability insurance, and personal accident insurance.
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What types of taxes are imposed upon the Israeli insurance industry?
The taxes imposed in the Israel insurance industry are a tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
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