Suriname Insurance Industry – Governance, Risk and Compliance
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Suriname Insurance Industry Regulation Overview
The insurance industry in Suriname is regulated by the Central Bank of Suriname (Central Bank Van Suriname – CBvS). The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS), the Caribbean Association of Insurance Regulators (CAIR), and the Insurance Association of the Caribbean (IAC).
The Suriname Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types, including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Central Bank of Suriname (Central Bank Van Suriname – CBvS)
· International Association of Insurance Supervisors (IAIS) · Caribbean Association of Insurance Regulators (CAIR) · Insurance Association of the Caribbean (IAC) |
Compulsory Insurances | · Motor third-party Liability Insurance
· Aviation Liability Insurance · Social Security Insurance · Professional Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Suriname Insurance Industry – Key Regulators and Legislation
Central Bank of Suriname (Central Bank Van Suriname – CBvS): The CBvS is the monetary authority of the country and functions as the key regulator of the insurance industry. It was established on April 1, 1957. The key functions of the CBvS that pertain to the insurance industry include the supervision of insurance organizations under the Supervision of the Banking and Credit System Act 1968. It also monitors branches and agencies of foreign insurance organizations operating in Suriname and is responsible for granting, renewal, modification, cancellation, or withdrawal of an insurance license.
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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Suriname Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Suriname insurance industry are:
- Motor third-party Liability Insurance
- Aviation Liability Insurance
- Social Security Insurance
- Professional Liability insurance
Suriname Insurance Industry Analysis by Compulsory Insurances
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Suriname Insurance Industry - Company Registration and Operation
Insurers are required to obtain a license to operate in the country. According to Article 5 of the Act, it is prohibited to operate an insurance business directly or indirectly, without obtaining a license from the bank. However, the reinsurance companies are permitted to underwrite insurance activities in the country without a license provided it is only on a cross-border basis and it is carried out outside the country. In addition, foreign brokers or agents are not required to obtain authorization locally to mediate insurance business.
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Suriname Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Suriname. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: For tax purposes, a company is considered a resident if it has been incorporated in Suriname or it is managed and controlled in Suriname. From January 1, 2022, corporate income tax is imposed at a flat rate of 36% on a company’s net income. Resident companies are taxed on their worldwide income, and non-resident companies are taxed on income sourced within Suriname.
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Scope
This report provides:
- Details of the insurance regulatory framework in Suriname.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- Get insights into the insurance regulatory framework in Suriname.
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the Suriname 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 on various types of insurance products.
Reasons to Buy
- Get insights into the insurance regulatory framework in Suriname.
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the Suriname 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 on various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Suriname insurance industry?
The Central Bank of Suriname (Central Bank Van Suriname – CBvS) is the key regulator of the Suriname insurance industry.
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Which are the other bodies that oversee operations in the Suriname insurance industry?
The International Association of Insurance Supervisors (IAIS), the Caribbean Association of Insurance Regulators (CAIR), and the Insurance Association of the Caribbean (IAC) among others oversee the Suriname insurance industry.
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Which are the compulsory insurances required within the Suriname insurance industry?
Some of the compulsory insurances required within the Suriname insurance industry are motor third-party liability insurance, aviation liability insurance, professional liability insurance, and social security insurance among others.
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What are the types of taxes imposed upon the Suriname insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Suriname. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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