Timor-Leste Insurance Industry – Governance, Risk and Compliance
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Timor-Leste Insurance Industry Regulation Overview
The insurance industry in Timor-Leste is regulated by the Central Bank of Timor-Leste (BCTL). The Timor-Leste 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 | · Central Bank of Timor-Leste (BCTL) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Timor-Leste Insurance Industry – Key Regulators and Legislation
Central Bank of Timor-Leste (BCTL): The BCTL took over the task of supervision of the insurance industry of Timor-Leste in 2005 and is instrumental in ensuring the stability and efficient functioning of insurance companies and insurance intermediaries. It functions following the guidelines stipulated in Insurance Law No. 6. According to Articles 3 and 4 of the law, the primary responsibilities of the BCTL in the insurance industry are protecting the consumers or holders of insurance contracts and examining accounts, documents and other records of insurance companies and insurance intermediaries.
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Timor-Leste Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Timor-Leste insurance industry are:
- Motor Third-Party Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Timor-Leste Insurance Industry Analysis by Compulsory Insurances
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Timor-Leste Insurance Industry - Company Registration and Operation
Insurers are required to obtain a license to operate in the country. Article 9 of the Insurance Law, 2005 stipulates any individual or entity intending to provide insurance policies may conduct business only after obtaining a license from the BCTL. Intermediaries are also required to obtain authorization from the BCTL to mediate insurance products in the country. However, reinsurers are allowed to operate without a license.
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Timor-Leste Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Timor-Leste. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: A company is considered a resident if it is registered or incorporated in Timor-Leste. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on income sourced from Timor-Leste. The standard rate of the corporate income tax rate is 10%.
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Scope
This report provides:
- Details of the insurance regulatory framework in Timor-Leste.
- 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
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Timor-Leste.
- Track the latest regulatory changes and expected changes impacting the Timor-Leste 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.
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 Timor-Leste.
- Track the latest regulatory changes and expected changes impacting the Timor-Leste 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.
Table of Contents
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Frequently asked questions
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Which is the key regulator of the Timor-Leste insurance industry?
The Central Bank of Timor-Leste (BCTL) is the key regulator of the Timor-Leste insurance industry.
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Which are the compulsory insurances required within the Timor-Leste insurance industry?
Some of the compulsory insurances required within the Timor-Leste insurance industry are motor third-party liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Timor-Leste insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Timor-Leste. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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