Dominican Republic Insurance Industry – Governance, Risk and Compliance

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Dominican Republic Insurance Industry Report Overview

The Dominican Republic insurance industry is regulated mainly by the Superintendent of Insurance (SOI). Other bodies that oversee the industry are the IAIS and the Association of Insurance Supervisors Latin America (ASSAL).

The Dominican Republic 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 ·       Superintendent of Insurance (SOI)

·       International Association of Insurance Supervisors (IAIS)

·       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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Dominican Republic Insurance Industry – Key Regulators and Legislation

Superintendent of Insurance (SOI): The Superintendent of Insurance is responsible for regulating the activities of insurers, reinsurers, and insurance intermediaries in the Dominican Republic. The Decree of the Executive or Law No. 68 in 1930 introduced the initial Superintendent and Law No. 400 enacted on January 9, 1969, declared the Superintendent’s administrative responsibilities, which is the supervision and regulation of insurance companies in the country. Article 244 of Law 146 demands the Superintendent to be Dominican by birth and origin and have experience exceeding 25 years in any field of knowledge.

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 Dominican Republic insurance industry are as follows:

  • Law 126 of 1971 on Private Insurance
  • Law 400 of 1969 on the Superintendent of Insurance
  • Law 4117 on Mandatory Insurance for Motor Vehicles
  • Social Security Law 2001
  • Liability Convention 1992

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Dominican Republic Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Dominican Republic insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Dominican Republic Insurance Industry Analysis by Compulsory Insurances

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Dominican Republic Insurance Industry - Company Registration and Operation

A license is required to operate in the Dominican Republic insurance industry. Article 21 of Law 146 mandates insurers and reinsurers to obtain a license and authorization from the Superintendent to operate insurance or reinsurance business in the country. In addition, Article 199 of the Law prohibits intermediaries from operating in the Dominican insurance industry without authorization by the Superintendent.

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Dominican Republic Insurance Industry - Taxation

The different types of taxes in the Dominican Republic insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.

Corporate Income Tax: This is levied on net income earned from various sources of business activities conducted within the country for both local and foreign companies, in accordance with the territorial taxation system in the Dominican Republic. No surtax is imposed on overall income.

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Scope

  • The report covers details of the insurance regulatory framework in the Dominican Republic.
  • 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 Dominican insurance industry is regulated by the Superintendent of Insurance.
  • 100% foreign direct investment is permitted in the Dominican insurance industry.
  • Composite insurance is not permitted in the Dominican Republic, although both life and non-life insurers are permitted to operate accident and health insurance businesses.
  • Motor third-party liability, workers’ compensation, and public health insurance are compulsory.
  • Non-admitted insurers are not permitted in the Dominican insurance industry.

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 the Dominican Republic.
  • Track the latest regulatory changes and expected changes impacting the Dominican Republic 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 pertaining to various types of insurance products.

Table of Contents

  • 1. DOMINICAN REPUBLIC

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

  • 2. Compulsory Insurance

    • 2.1. Non-Admitted Insurance Regulations
    • 2.2. Company Registration and Operation

      • 2.2.1. License
      • 2.2.2. Foreign Direct Investment / Ownership
      • 2.2.3. Minimum Capital Requirements
      • 2.2.4. Solvency Margins
      • 2.2.5. Reserve Requirements
      • 2.2.6. Statutory Return Requirements
      • 2.2.7. Fee Structure

    • 2.3. Taxation

      • 2.3.1. Tax on Insurance Premium
      • 2.3.2. Corporate Income Tax
      • 2.3.3. Corporate Capital Gains Tax
      • 2.3.4. Value Added Tax

    • 2.4. Legal System
    • 2.5. Policy Practice

  • 3. About GlobalData
  • 4. Contact Us

Table

Dominican Republic – Minimum Liability Limits and Base Premium Rate for Motor Third-Party Liability Policies

Dominican Republic – Surcharges on Base Premium Based on Power and Use of Vehicle

Dominican Republic – Corporate Tax Rates for the Financial Year 2023

Figures

List of Tables

Dominican Republic – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

Dominican Republic Insurance Industry – Governance, Risk and Compliance standard reports
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