Senegal Insurance Industry – Governance, Risk and Compliance
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Senegal Insurance Industry Regulation Overview
The Directions des Assurances (DA) acts as the regulator of the Senegal insurance industry while the International Association of Insurance Supervisors (IAIS) and Commission Regional des Assurances (CRCA) act as the other supervisors. The Senegal 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 | · Directions des Assurances (DA)
· International Association of Insurance Supervisors (IAIS) · Commission Regional des Assurances (CRCA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance · Engineering Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Senegal Insurance Industry – Key Regulators and Legislation
Directions des Assurances: The insurance industry in Senegal is governed by the Directions des Assurances (DA) under the Ministry of Finance. It is primarily responsible for the implementation of national insurance policy and safeguards the interests of policyholders and beneficiaries of policies. It is also responsible for guiding the insurance industry in accordance with the general interest.
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 piece of legislation governing the Senegal insurance industry is:
- CIMA Code
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Senegal Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Senegal insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Engineering Insurance
Senegal Insurance Industry Analysis by Compulsory Insurances
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Senegal Insurance Industry - Company Registration and Operation
Companies intending to operate life and non-life insurance and reinsurance businesses in Senegal can start their operations after obtaining a license from the DA. The legislation also permits non-admitted reinsurance in the country. Intermediaries are required to obtain authorization from the DA in order to mediate insurance products in the country.
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Senegal Insurance Industry – Taxation
Tax is imposed upon insurance premium within the insurance industry in Senegal. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: A company is said to be a resident if its registered office is in Senegal. A resident company is taxed on its worldwide income, while non-resident companies are taxed on income sourced from Senegal. An annual minimum tax is imposed on companies at a flat rate of less than 1% on the preceding tax year’s realized annual turnover.
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Scope
This report provides:
- Details of the insurance regulatory framework in Senegal
- 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 Senegalese insurance industry is regulated by the CRCA at the regional level and by the DA at the national level.
- Composite insurance is not permitted in Senegal.
- Insurance companies from CIMA member states are permitted to operate in Senegal without a license.
- Key classes of compulsory insurance include motor third-party liability insurance, marine hull 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 Senegal.
- Track the latest regulatory changes and expected changes impacting the Senegal 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.
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Frequently asked questions
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Which is the key regulator of the Senegal insurance industry?
The Directions des Assurances (DA) is the key regulator of the Senegal insurance industry.
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Which are the other regulatory bodies overseeing operations in the Senegal insurance industry?
The International Association of Insurance Supervisors (IAIS) and Commission Regional des Assurances (CRCA) oversee the Senegal insurance industry.
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Which are the compulsory insurances required within the Senegal insurance industry?
Some of the key compulsory insurances required within the Senegal insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and engineering insurance.
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What are the types of taxes imposed upon the Senegal insurance industry?
Tax is imposed upon insurance premium within the insurance industry in Senegal. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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