Luxembourg Insurance Industry – Governance, Risk and Compliance
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Luxembourg Insurance Industry Regulation Overview
The Insurance Commission (Commissariat aux Assurance – CAA) supervises and regulates the Luxembourg insurance industry along with the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and the Association of Insurance Companies and Reinsurance (ACA) act as the other supervisors. The Luxembourg insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health (PA&H), and marine, aviation, and transit (MAT) 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) · European Insurance and Occupational Pensions Authority (EIOPA) · Federation of European Risk Management Associations (FERMA) · Association of Insurance Companies and Reinsurance (ACA) |
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 |
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Luxembourg Insurance Industry – Key Regulators and Legislation
Insurance Commission (Commissariat aux Assurance – CAA): It is an independent public institution that functions under the authority of the Minister of the Treasury and Budget and supervises and regulates the industry. The Commission is responsible for the prudential supervision of insurers, reinsurers, and intermediaries. Its key responsibilities include issuing the applicant with a certificate of registration, renewal, modification, withdrawal, or cancellation and regulating the investment funds of insurance companies, among others.
International Association of Insurance Supervisors: 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.
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
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Luxembourg Insurance Industry - Compulsory Insurance
Some 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
- Social Security Insurance
Luxembourg Insurance Industry Analysis by Compulsory Insurances
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Luxembourg Insurance Industry - Company Registration and Operation
A license is required to operate in the Luxembourg insurance industry. According to Article 44 of Insurance Law 2015, insurers must obtain approval from the Minister of the Treasury and Budget to operate in Luxembourg and reinsurers must obtain a license from the CAA to carry out business. According to insurance legislation, intermediaries are not permitted to operate in Luxembourg without a valid license as well. Insurers are only permitted to operate within those classes for which they have been granted a license. Companies are permitted to operate within a single class or group of specific classes.
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Luxembourg Insurance Industry – Taxation
Tax is imposed upon insurance 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: 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. Rules and regulations related to taxation in the country are outlined in the Taxation Act. 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 non-resident companies are taxed only on income sourced from Luxembourg.
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Scope
This 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 pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the 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.
- 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 pertaining to various types of insurance products.
Table of Contents
Table
Frequently asked questions
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Which is the key regulator of the Luxembourg insurance industry?
Insurance Commission (Commissariat aux Assurance – CAA) is the key regulator of the Luxembourg insurance industry.
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Which other bodies oversee the Luxembourg insurance industry?
The International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and the Association of Insurance Companies and Reinsurance (ACA) oversee the Luxembourg insurance industry.
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Which are the compulsory insurances required within the Luxembourg insurance industry?
Some 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.
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What are the types of taxes imposed upon the Luxembourg insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Luxembourg. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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