State of Palestine Insurance Industry – Governance, Risk and Compliance
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The State of Palestine insurance industry 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. It 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.
What are the market dynamics in the State of Palestine insurance industry?
Palestine Capital Market Authority (PCMA) is the government authority supervising and regulating the insurance industry in Palestine. It was established with the enactment of the Capital Market Authority Law 2004. The PCMA became the new government authority replacing the Palestinian National Authority as regulatory authority to supervise and control the industry. The key responsibilities and functions of the PCMA include granting licenses to insurance companies and intermediaries and overseeing and monitoring the implementation of provisions of insurance law 2005 and other related legislation. The PCMA also formulates regulations for the improvement and development of the industry and protects the rights and interests of the insured. They are also given the task of supervising the investment of assets by insurance companies as well as their compliance with the provisions of the law.
What are the different types of licenses issued in the State of Palestine insurance industry?
Life insurance license, general insurance license, composite insurance license, and reinsurance license are the different types of licenses provided in the State of Palestine insurance industry. In addition to providing licenses to operate insurance and reinsurance businesses in Palestine, the PCMA grants a license to insurance intermediaries including insurance agents, brokers, advisors, appraisers, and investigators. Licenses are granted to insurance intermediaries by the PCMA in accordance with the provisions of Insurance Law No. (20) of 2005 and other instructions and guidelines issued by the PCMA.
Life insurance license in the State of Palestine insurance industry
Under life insurance license an insurer can underwrite life insurance contracts and personal accident and health insurance contracts.
General insurance license in the State of Palestine insurance industry
Under general insurance license an insurer can underwrite health insurance, risks of accidents and civil liability insurance, fire and property insurance, marine insurance, mortgage loans insurance, money insurance, transportation and associated liabilities insurance, aviation hull and associated liabilities insurance, motor and associated liabilities insurance, and occupational hazards insurance.
Composite insurance license in the State of Palestine insurance industry
In Palestine, insurance companies are permitted to operate both life insurance and general insurance business simultaneously with a composite insurance license.
Reinsurance license in the State of Palestine insurance industry
A license for reinsurance business enables the reinsurer to offer insurance products to other insurance companies, covering their financial risks.
State of Palestine insurance industry, by license types
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What are the key associations that oversee the State of Palestine insurance industry?
Palestine Insurance Federation (PIF) and International Association of Insurance Supervisors (IAIS) are the key associations that oversee the State of Palestine insurance industry.
International Association of Insurance Supervisors (IAIS)
The IAIS, established in 1994, is membership-driven global organization which represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. In addition to members, the association also includes 135 observers representing industry associations, professional associations, insurers and reinsurers, consultants and international financial institutions.
The IAIS 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 association works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives and other professionals discuss developments in the insurance industry and topics affecting insurance regulation.
Palestinian Insurance Federation (PIF)
The PIF is a non-profit organization and an independent legal entity established in the late 1990s. The PIF obtained its legitimacy under Insurance Law 2005 in accordance with the provision of Article 131. According to the law, it is mandatory for all licensed insurance companies to join as a member of the PIF. The principal responsibility of the PIF is to promote trust in the Palestinian insurance industry and set standards for professional conduct and ethics for the member insurance companies. The PIF is the legal representative of all its member companies and represents them before official departments, third parties, and other competent authorities with respect to general insurance matters.
Market report scope
Key license types | Life Insurance License, General Insurance License, Composite Insurance License, and Reinsurance License |
Key associations | Palestine Insurance Federation (PIF) and International Association of Insurance Supervisors (IAIS) |
This report provides:
- Details of the insurance regulatory framework in the State of Palestine.
- Details of the rules and regulations governing insurance products and insurance entities.
- Key trends and developments pertaining to the country’s insurance regulatory framework.
- Rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- Details of taxation imposed on insurance products and insurance companies.
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 the State of Palestine.
- Track the latest regulatory changes, and expected changes impacting the Palestinian 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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What are the different types of licenses issued in the State of Palestine insurance industry?
Life insurance license, general insurance license, composite insurance license, and reinsurance license are the different types of licenses provided in the State of Palestine insurance industry.
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What are the key associations that oversee the State of Palestine insurance industry?
Palestine Insurance Federation (PIF) and International Association of Insurance Supervisors (IAIS) are the key associations that oversee the State of Palestine insurance industry.
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