Uruguay Insurance Industry – Governance, Risk and Compliance
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Uruguay Insurance Industry Report Overview
The Uruguay insurance industry is regulated mainly by the Superintendence of Financial Service. Other bodies that oversee the industry are the IAIS, Asociación Uruguaya de Empresas Aseguradoras (AUDEA), and the Association of Insurance Supervisors Latin America (ASSAL).
The Uruguay insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also 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. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · Superintendence of Financial Service
· International Association of Insurance Supervisors (IAIS) · Asociación Uruguaya de Empresas Aseguradoras (AUDEA) · Association of Insurance Supervisors Latin America (ASSAL) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine 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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Uruguay Insurance Industry – Key Regulators and Legislation
Superintendence of Financial Service: It is the principal regulatory body for the insurance industry in Uruguay. It is governed by the BCU, and its main objective is to control and monitor insurance and reinsurance companies and intermediaries. The promotion of a strong, efficient, and competitive domestic insurance industry and ensuring that insurance companies are financially capable of carrying out insurance business are some of the key responsibilities of the Superintendence of Financial Service.
International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.
The key laws and regulations in the Uruguay insurance industry are as follows:
- Law No. 16,426 (Insurance Law): the principal law governing insurance companies, reinsurance companies, and intermediaries.
- Law No. 18,412 on motor third-party liability insurance
- Law No. 16,074 on insurance for workplace accidents and professional illnesses
- Law No. 19.678 on insurance contracts
- Decree No. 354/1994: This is the decree regulating the Insurance Law.
- Commercial Code: contains the provisions related to commercial contracts
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Uruguay Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Uruguay insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Uruguay Insurance Industry Analysis by Compulsory Insurances
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Uruguay Insurance Industry - Company Registration and Operation
A license is required to operate in the Uruguay insurance industry. According to Decree No. 354/994, insurers are required to be registered, and approved by the Superintendency to conduct insurance business in the country. Furthermore, according to Article 3 of Decree No. 354/994, the Superintendency issues separate reinsurance licenses.
Article 23 of Decree No. 354/994, states that intermediaries are not permitted to transact any contract issued by an unauthorized insurance company. In addition, licensed insurance intermediaries are not permitted to transact with unauthorized insurance companies.
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Uruguay Insurance Industry - Taxation
The different types of taxes in the Uruguay insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: In Uruguay, any company that is established as per Uruguayan law is considered a resident company. Resident companies and foreign companies operating in the country through a permanent establishment are taxed on the income sourced from Uruguay. The standard rate of corporate income tax in Uruguay is 25%.
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Scope
- The report covers details of the insurance regulatory framework in Uruguay.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The Superintendency under the BCU regulates and supervises the Uruguayan insurance industry.
- Composite insurance is not permitted in the Uruguayan insurance industry.
- Non-admitted insurers are not permitted in the Uruguayan insurance industry.
- Aviation liability insurance, motor third-party liability insurance, and workmen’s compensation insurance are some of the key classes of compulsory insurance in Uruguay.
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 Uruguay.
- Track the latest regulatory changes and expected changes impacting the Uruguay 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 about various types of insurance products.
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Frequently asked questions
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Who are the key regulators of the Uruguay insurance industry?
The Uruguay insurance industry is regulated mainly by the Superintendence of Financial Service.
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Which are the other regulatory bodies overseeing operations in the Uruguay insurance industry?
Other bodies that oversee operations in the Uruguay insurance industry are IAIS, Asociación Uruguaya de Empresas Aseguradoras (AUDEA), and the Association of Insurance Supervisors Latin America (ASSAL).
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What are the compulsory insurances in the Uruguay insurance industry?
Some of the key compulsory insurances required within the Uruguay insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed in the Uruguay insurance industry?
The different types of taxes in the Uruguay insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
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