Libya Insurance Industry – Governance, Risk and Compliance
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The Libya insurance market report provides 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 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. The report also includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Libya insurance industry?
The Libyan insurance industry is governed by the Insurance Department of General People’s Committee for Economy, Trade, and Investment. It ensures the stability and efficient functioning of insurance and reinsurance companies. It functions in accordance with the guidelines stipulated in the Insurance Law 2005. The key law that governs the insurance industry in the country is the Law on Supervision and Control of Insurance Business or the Insurance Law 2005.
What are the key types of licenses issued in the Libya insurance industry?
The different types of insurance licenses issued in the Libya insurance industry are life insurance license and non-life insurance license.
Life insurance license
Life insurance licenses can be issued for all types of life insurance businesses, including medical liability insurance, personal accident, and medical treatment insurance.
Non-life insurance license
Non-life insurance licenses for companies permits to operate in cases of property insurance, marine, aviation and transit insurance, machinery insurance, motor insurance, engineering insurance, oil insurance, and accident and health insurance.
Which other key bodies oversee the Libya insurance industry?
The key body overseeing the Libya insurance industry market is the African Insurance Organization (AIO). This body, established in 1972, regionally regulates the insurance industry in Libya. The AIO is a non-government organization recognized by many African governments. It has 287 members from 50 countries in Africa, and associate international members from five countries. The AIO was developed to promote inter-African co-operation and a healthy insurance and reinsurance industry. Several bodies operate under the AIO such as the African Reinsurance Forum, the Association of African Insurance Supervisory Authorities, and the Association of African Insurance Educators and Trainers.
Libya insurance industry, by key bodies
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Market report scope
Key license types | Life Insurance License and Non-Life Insurance License |
Key body | African Insurance Organization (AIO) |
This report provides detailed analysis of:
- The insurance regulatory framework in Libya.
- The rules and regulations governing insurance products and insurance entities.
- Key trends and developments pertaining to the state’s insurance regulatory framework.
- Rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
- Taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the state.
- Gain insights into the insurance regulatory framework in Libya.
- Track the latest regulatory changes and expected changes impacting the Libyan insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Frequently asked questions
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What are the key license types in the Libya insurance industry?
The different types of insurance licenses issued in the Libyan insurance industry are life insurance license and non-life insurance license.
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Which other key bodies oversee the Libya insurance industry?
The key body overseeing the Libyan insurance industry market is the African Insurance Organization (AIO).
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