Luxembourg Insurance Industry – Governance, Risk and Compliance
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Luxembourg Insurance Industry Regulation Overview
The Insurance Commission (Commissariat aux Assurance – CAA) acts as the regulator of the Luxembourg insurance industry. The other bodies overseeing the industry are the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), the Association of Insurance Companies and Reinsurance (ACA), and the Federation of European Risk Management Associations (FERMA).
The Luxembourg Insurance Industry governance regulation 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 establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Insurance Commission (Commissariat aux Assurance – CAA)
· International Association of Insurance Supervisors (IAIS) · Financial Services and Markets Authority (FSMA) · European Insurance and Occupational Pensions Authority (EIOPA) · Association of Insurance Companies and Reinsurance (ACA) · Federation of European Risk Management Associations (FERMA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Luxembourg Insurance Industry – Key Regulators and Legislation
Insurance Commission (Commissariat aux Assurance – CAA): CAA is an independent public institution that functions under the authority of the Minister of the Treasury and Budget. The body supervises and regulates the industry. The Commission is responsible for the prudential supervision of insurers, reinsurers, and intermediaries. Its key responsibilities include regulating the investment funds of insurance companies, supervising the insurance companies and individuals, and deciding on the fees and other charges for carrying out the act’s instructions, among others.
International Association of Insurance Supervisors (IAIS): The IAIS, established in 1994, is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in 140 countries. of more than 200 jurisdictions in 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance. It also 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. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry. This develops and maintains fair, safe, and stable insurance industries for the benefit and protection of policyholders; contributing towards global financial stability.
The key laws and regulations governing the insurance industry in Luxembourg are:
- Insurance Law 2015
- Insurance Contract Law 1997
- Law on Surveillance of Reinsurance Companies
Buy the Full Report for More Key Regulatory Insights into the Luxembourg Insurance Industry Analysis
Luxembourg Insurance Industry - Compulsory Insurance
A few of the key compulsory insurance required within the Luxembourg insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance. Motor third-party liability (MTPL) insurance was made compulsory for every vehicle owner on June 10, 1932, with the establishment of the Law on Compulsory Third-Party Motor Insurance. However, on April 16, 2003, the Law was revised and a new Law – the Law on Compulsory Insurance against Civil Liability in respect of motor vehicles came into existence. The Law was most recently amended in December 2014.
Luxembourg Insurance Industry Analysis by Compulsory Insurances
Buy the Full Report for More Compulsory Insurance Insights into the Luxembourg Insurance Industry
Download A Free Report Sample
Luxembourg Insurance Industry - Company Registration and Operation
According to Article 44 of Insurance Law 2015, insurers must obtain approval from the Minister of the Treasury and Budget to operate in Luxembourg. Reinsurers must obtain a license from the CAA to carry out business in the country. According to insurance legislation, intermediaries are not permitted to operate in Luxembourg without a valid license.
Buy the Full Report to Learn More about Company Registration and Operation in the Luxembourg Insurance Industry
Download A Free Report Sample
Luxembourg Insurance Industry – Taxation
Tax is imposed upon insurance premium premiums within the insurance industry in Luxembourg. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
Corporate income tax rate: Administration of Direct Tax, Administration of Registration and Domains, and Administration of Customs and Excise administer and supervise the taxation. These bodies are responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration in the country. In Luxembourg, any company that has its legal seat or central administration in the country is considered a resident company. Resident companies are subject to tax on their global income; whereas nonresident companies are taxed only on income sourced from Luxembourg.
Buy the Full Report to Learn More about Taxation in the Luxembourg Insurance Industry
Scope
The report provides:
- Details of the insurance regulatory framework in Luxembourg.
- 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 about the establishment and operation of insurance businesses in the country.
- Details of taxation imposed on insurance products and insurance companies.
Key Highlights
- Commissariat aux Assurance regulates the Luxembourg insurance industry.
- The Law prohibits non-admitted insurance; however, unlicensed insurers and reinsurers from EU and EEA Member States are permitted.
- FDI is permitted in the Luxembourg insurance industry up to 100%.
- Composite insurance is not allowed in Luxembourg.
- Solvency II is implemented from January 1, 2016.
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 Luxembourg.
- Track the latest regulatory changes, and expected changes impacting the Luxembourg 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.
Table of Contents
Table
Frequently asked questions
-
Which is the key regulator of the Luxembourg insurance industry?
The Insurance Commission (Commissariat aux Assurance – CAA) acts as the key regulator of the Luxembourg insurance industry.
-
Which are the other regulatory bodies overseeing operations in the Luxembourg insurance industry?
The International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), the Association of Insurance Companies and Reinsurance (ACA), and the Federation of European Risk Management Associations (FERMA) oversee operations in the Luxembourg insurance industry.
-
Which are the compulsory insurances required within the Luxembourg insurance industry?
A few of the compulsory insurances required within the Luxembourg insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
-
What are the types of taxes imposed in the Luxembourg insurance industry?
Tax is imposed upon insurance premium premiums within the insurance industry in Luxembourg. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.