Papua New Guinea Insurance Industry – Governance, Risk and Compliance
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Papua New Guinea Insurance Industry Regulation Overview
The insurance industry in Papua New Guinea is regulated by the Insurance Commissioner and Bank of Papua New Guinea (Central Bank). The other body that oversees the market is the International Association of Insurance Supervisors (IAIS).
The Papua New Guinea 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 the establishment and operation of 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 Commissioner and Bank of Papua New Guinea (Central Bank)
· International Association of Insurance Supervisors (IAIS) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Liability Insurance · Aviation Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Papua New Guinea Insurance Industry – Key Regulators and Legislation
Insurance Commissioner: The Insurance Commissioner, works under the Department of the Treasury and is the regulator of the general insurance business in Papua New Guinea. It is primarily responsible for supervising and licensing insurers, brokers, and loss adjusters.
International Association of Insurance Supervisors (IAIS): 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.
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Papua New Guinea Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Papua New Guinea insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation liability insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Liability Insurance
Papua New Guinea Insurance Industry Analysis by Compulsory Insurances
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Papua New Guinea Insurance Industry - Company Registration and Operation
Insurers are required to obtain a license to operate in the country. Section 17 (1) of the Insurance Act 1995 stipulates that insurers are required to obtain a license from the Commissioner to operate a general insurance business in Papua New Guinea. Section 13 of the Life Insurance Act, 2000 as amended in 2004 states that insurers and brokers must obtain a license from the Central Bank to operate life insurance business in the country.
According to the country’s insurance legislation, a reinsurance company must be licensed to operate in the insurance industry. According to Section 17 (2) of the Insurance Act 1995, intermediaries and loss adjusters are required to obtain licenses from the Commissioner.
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Papua New Guinea Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Papua New Guinea. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax. Insurance premium tax is not imposed on policies issued in Papua New Guinea however, Goods and Services Tax (GST) is imposed.
Corporate Income Tax: Any corporation is resident in the country if it is incorporated in Papua New Guinea. Also, companies that carry out business in Papua New Guinea and have central management and control in Papua New Guinea will be considered residents. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on income sourced from Papua New Guinea.
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Scope
This report provides:
- Details of the insurance regulatory framework in Papua New Guinea.
- 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
- The Papua New Guinean insurance industry is regulated by the Insurance Commissioner and the Central Bank.
- 100% FDI is permitted in the Papua New Guinean insurance industry.
- Non-admitted insurance is prohibited with a few exceptions.
- Composite insurance is not permitted in Papua New Guinea. However, life insurers can carry on personal accident and health insurance business.
- Workers’ compensation and motor third-party liability insurance are the key compulsory classes of insurance.
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 Papua New Guinea.
- Track the latest regulatory changes and expected changes impacting the Papua New Guinea insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which are the key regulators of the Papua New Guinea insurance industry?
The Insurance Commissioner and Bank of Papua New Guinea (Central Bank) are the key regulators of the Papua New Guinea insurance industry.
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Which other body oversees operations in the Papua New Guinea insurance industry?
The International Association of Insurance Supervisors (IAIS) is another body that oversees the Papua New Guinea insurance industry.
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Which are the compulsory insurances required within the Papua New Guinea insurance industry?
Some of the compulsory insurances required within the Papua New Guinea insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, aviation liability insurance, and liability insurance.
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What are the types of taxes imposed upon the Papua New Guinea insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Papua New Guinea. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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