Nicaragua Insurance Industry – Governance, Risk and Compliance
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Nicaragua Insurance Industry Regulation Overview
The Superintendent of Banks and Other Financial Institutions (SIBOIF) acts as the regulator of the Nicaragua insurance industry while the Association of Insurance Supervisors Latin America (ASSAL) acts as the other supervisor. The Nicaragua 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 | · Superintendent of Banks and Other Financial Institutions (SIBOIF)
· Association of Insurance Supervisors Latin America (ASSAL) |
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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Nicaragua Insurance Industry – Key Regulators and Legislation
Superintendent of Banks and Other Financial Institutions: The SIBOIF is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. It functions in accordance with the guidelines stipulated in the Insurance Law 2010. The primary responsibilities of SIBOIF include regulating and supervising the conduct of the insurance services industry, providing regular updates on local and international insurance market developments, and licensing companies involved in insurance.
Association of Insurance Supervisors Latin America: The ASSAL is the regional supervisory authority that issues standards on various insurance aspects such as solvency margins, reinsurance, reserve requirements, reserve investment, inspections, asset management, and money laundering. The primary objectives of ASSAL include collecting and disseminating technical and statistical information, promoting co-operation activities, and others.
The key piece of legislation governing the Nicaragua insurance industry is:
- Insurance Law 2010 (Law No. 733 on Insurance, Reinsurance, and Surety)
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Nicaragua Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Nicaragua insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Nicaragua Insurance Industry Analysis by Compulsory Insurances
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Nicaragua Insurance Industry - Company Registration and Operation
Insurers and reinsurers need to be authorized by the Superintendent to underwrite, advertise, and sell insurance products. However, insurers are only permitted to operate within those classes for which they have been granted a license. Composite licenses are not permitted in the country, but life insurers are permitted to operate accident and health insurance.
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Nicaragua Insurance Industry – Taxation
Tax is imposed upon insurance premium within the insurance industry in Nicaragua. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Any company registered in Nicaragua, or with management in the country is considered a resident company. Both resident and non-resident companies are taxed only on income sourced from Nicaragua. Companies are subject to a definitive minimum tax of 1-3% on gross income earned during the financial year.
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Scope
This report provides:
- Details of the insurance regulatory framework in Nicaragua
- 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
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Nicaragua.
- Track the latest regulatory changes and expected changes impacting the Nicaragua 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 product.
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 Nicaragua.
- Track the latest regulatory changes and expected changes impacting the Nicaragua 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 product.
Table of Contents
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Frequently asked questions
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Which is the key regulator of the Nicaragua insurance industry?
The Superintendent of Banks and Other Financial Institutions (SIBOIF) is the key regulator of the Nicaragua insurance industry.
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Which other bodies oversee the Nicaragua insurance industry?
The Association of Insurance Supervisors Latin America (ASSAL) oversees the Nicaragua insurance industry.
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Which are the compulsory insurances required within the Nicaragua insurance industry?
Some of the key compulsory insurances required within the Nicaragua 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 Nicaragua insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Nicaragua. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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