Sudan Insurance Industry – Governance, Risk and Compliance
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Sudan Insurance Industry Regulation Overview
The insurance industry in Sudan is regulated by the Insurance Supervisory Authority (ISA). The other bodies that oversee the market are the African Insurance Organization (AIO) and the Association of Sudanese Insurance and Reinsurance Companies (ASIRC) among others.
The Sudan 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 Supervisory Authority (ISA)
· African Insurance Organization (AIO) · Association of Sudanese Insurance and Reinsurance Companies (ASIRC) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance · Aviation Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Sudan Insurance Industry – Key Regulators and Legislation
Insurance Supervisory Authority (ISA): It is responsible for the supervision of the Sudanese insurance industry and 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 Control Act 2001. The ISA regulates insurance companies through the Insurance Supervisory Authority (ISA), and its primary responsibilities in the insurance industry include providing regular updates on local and international insurance market developments and regulating and supervising the conduct of the insurance services industry.
African Insurance Organization (AIO): 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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Sudan Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Sudan insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Aviation liability insurance
Sudan Insurance Industry Analysis by Compulsory Insurances
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Sudan Insurance Industry - Company Registration and Operation
Insurers are required to obtain a license to operate in the country. The establishment of insurance companies is supervised and regulated by the ISA, and the guidelines for establishing insurance firms are outlined in the Insurance Control Act 2001. The ISA is responsible for providing licenses to insurers and insurance intermediaries in Sudan. According to this Act, the sale and promotion of insurance products and services are not permitted without a license.
According to Article 30 of the Act, an insurance and reinsurance company intending to operate in Sudan must apply to the ISA per the method and conditions provided in the Act. They should also have a nominal and paid-up capital that is not less than the amount specified by the regulations.
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Sudan Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Sudan. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax. Taxation in Sudan is administered and supervised by the Ministry of Finance and the National Economy and Taxation Chamber, according to the Income Tax Act, Social Securities Act, Investment Encouragement Act, and VAT law. The authority is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented administration.
Corporate Income Tax: Companies registered in the country or having their management and control in the country is considered resident company, under the Companies Act 1925. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on income sourced from Sudan.
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Scope
This report provides:
- Details of the insurance regulatory framework in Sudan.
- 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 Sudanese insurance industry is regulated by the ISA.
- The Sudanese insurance industry is regulated by the provisions of the Insurance Supervision Act 2001 and the Insurance Act 2003.
- Motor third-party liability insurance, marine cargo insurance, and aviation third-party liability insurance are the key classes of compulsory insurance.
- 100% FDI is permitted in the Sudanese insurance industry.
- The placement of non-admitted insurance is prohibited in the Sudanese insurance industry with a few exceptions.
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 Sudan.
- Track the latest regulatory changes and expected changes impacting the Sudan 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 is the key regulator of the Sudan insurance industry?
The Insurance Supervisory Authority (ISA) is the key regulator of the Sudan insurance industry.
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Which are the other bodies that oversee operations in the Sudan insurance industry?
The African Insurance Organization (AIO) and the Association of Sudanese Insurance and Reinsurance Companies (ASIRC) among others oversee the Sudan insurance industry.
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Which are the compulsory insurances required within the Sudan insurance industry?
Some of the compulsory insurances required within the Sudan insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, aviation liability insurance, and social security insurance.
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What are the types of taxes imposed upon the Sudan insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Sudan. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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