Mali Insurance Industry – Governance, Risk and Compliance
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Mali Insurance Industry Report Overview
The Mali insurance industry is regulated mainly by the Direction Nationale du Trésor et de la Comptabilité Publique (DNTCP). Other bodies that oversee the industry are the IAIS and the Commission Regional des Assurances (CRCA).
The Mali insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, 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 | · Direction Nationale du Trésor et de la Comptabilité Publique (DNTCP)
· International Association of Insurance Supervisors (IAIS) · Commission Regional des Assurances (CRCA) |
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. |
Buy the Full Report to Know More About Mali’s Insurance Industry Governance, Risk, and Compliance
Mali Insurance Industry – Key Regulators and Legislation
Direction Nationale du Trésor et de la Comptabilité Publique (DNTCP): It works under the Ministry of Finance and is responsible for monitoring and developing the state policy in the field of insurance in Mali. The DNTCP has an Insurance Division that is responsible for the supervision of the insurance industry in Mali. The key responsibilities of the Insurance Division include developing regulations to monitor the insurance industry and organizing training in the field of insurance for insurance companies as part of the activities of the International Institute of Yaoundé, under the CIMA Code.
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 Mali insurance industry are as follows:
- CIMA Code
Buy the Full Report to Know More About Mali’s Insurance Industry Regulators and Legislation, Download a Free Report Sample
Mali Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Mali insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Mali Insurance Industry Analysis by Compulsory Insurances
Buy the Full Report for More Compulsory Insurance Insights into the Mali Insurance Industry
Mali Insurance Industry - Company Registration and Operation
A license is required to operate in the Mali insurance industry. Article 326 of the CIMA Code stipulates that companies intending to operate life and non-life insurance and reinsurance businesses in Mali can start their operations after obtaining a license from the DNTCP. However, any company established in any other CIMA member state is permitted to operate in Mali without any local licensing requirement. Furthermore, for intermediaries, Article 530 of the CIMA Code stipulates that they are required to obtain authorization from the DNTCP to mediate insurance products in the country.
Buy the Full Report to Learn More About Company Registration and Operation in Mali’s Insurance Industry
Mali Insurance Industry - Taxation
The different types of taxes in the Mali insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: In Mali, any company whose registered office or the effective place of management is in Mali is considered a resident company. Additionally, branches of foreign companies and permanent establishments are also considered resident companies. Both resident and non-resident companies are subject to tax on their income sourced from Mali. Corporate income tax is imposed at a rate of 35%.
Buy the Full Report to Know More About License in Mali Insurance Industry
Scope
- The report covers details of the insurance regulatory framework in Mali.
- 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 insurance industry of Mali is regulated by the CRCA at the regional level and by the DNTCP at the national level.
- Composite insurance is not permitted in Mali.
- 100% FDI is permitted in the insurance industry in Mali.
- Insurance companies from CIMA member states are permitted to operate in Mali without a license.
- Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
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 Mali.
- Track the latest regulatory changes and expected changes impacting the Mali 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
Figures
Frequently asked questions
-
Who are the key regulators of the Mali insurance industry?
The Mali insurance industry is regulated mainly by the Direction Nationale du Trésor et de la Comptabilité Publique (DNTCP).
-
Which other bodies oversee the Mali insurance industry?
Other bodies that oversee the Mali insurance industry are IAIS and the Commission Regional des Assurances (CRCA).
-
What are the compulsory insurances in the Mali insurance industry?
Some of the key compulsory insurances required within the Mali 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 Mali insurance industry?
The different types of taxes in the Mali insurance industry are tax on insurance premiums, 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.