Chad Insurance Industry – Governance, Risk and Compliance
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Chad Insurance Industry Regulation Overview
The insurance industry in Chad is supervised by the Direction des Finances Extérieures et Organismes (DFEO) along with the International Association of Insurance Supervisors (IAIS) and Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances CRCA).
The Chad 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 | · Direction des Finances Extérieures et Organismes (DFEO)
· International Association of Insurance Supervisors (IAIS) · Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances (CRCA)) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Engineering Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Chad Insurance Industry – Key Regulators and Legislation
Direction des Finances Extérieures et Organismes (DFEO): The Chadian insurance industry is supervised by the DFEO under the Ministry of Finance. The powers and responsibilities of the DFEO are prescribed under Annex II of the Inter-African Conference of Insurance Markets (Conférence Interafricaine des Marchés d’Assurance — CIMA) Treaty.
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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Chad Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Chad insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Engineering Insurance
Chad Insurance Industry Analysis by Compulsory Insurances
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Chad Insurance Industry - Company Registration and Operation
A license is required to operate in the Chad insurance industry. Insurers and intermediaries are required to be registered and obtain a license from the DFEO to carry out business in Chad. However, reinsurers are permitted to operate without a license.
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Chad Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Chad. Taxation in Chad is administered by the Direction Générale des Impôts du chad in accordance with the General Tax Code. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: A company is said to be a resident if its registered office or center of activity is in Chad. Both resident and non-resident companies are subject to tax on their income sourced from Chad. The tax system in Chad is classified into normal tax regime, simplified tax regime, and flat tax rate regime.
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Scope
This report provides:
- Details of the insurance regulatory framework in Chad
- 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 Chadian insurance industry is regulated by the CRCA at the regional level and by the DEFO at the national level.
- Composite insurance is not permitted in Chad.
- 100% FDI is permitted in the Chadian insurance industry.
- Insurance companies from CIMA member states are permitted to operate in Chad without a license.
- Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
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 Chad.
- Track the latest regulatory changes and expected changes impacting the Chad 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
Frequently asked questions
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Which is the key regulator of the Chad insurance industry?
The Direction des Finances Extérieures et Organismes (DFEO) is the key regulator of the Chad insurance industry.
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Which are the other regulatory bodies overseeing operations in the Chad insurance industry?
The International Association of Insurance Supervisors (IAIS), and Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances CRCA) oversee the Chad insurance industry.
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Which are the compulsory insurances required within the Chad insurance industry?
Some of the compulsory insurances required within the Chad insurance industry are motor third-party liability insurance, marine liability insurance, and professional indemnity insurance among others.
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What are the types of taxes imposed upon the Chad insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Chad. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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