Governance, Risk and Compliance – The Papua New Guinean Insurance Industry

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GlobalData’s "Governance, Risk and Compliance – The Papua New Guinean Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Papua New Guinea.

It provides 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 brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Papua New Guinea, including –
– An overview of the insurance regulatory framework in Papua New Guinea.
– The latest key changes, and changes expected in the country’s insurance regulatory framework.
– Key regulations and market practices related to different types of insurance product in the country.
– Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Papua New Guinea.
– Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
– Details of the tax and legal systems in the country.

Key Highlights

– The Papua New Guinean insurance industry is regulated by the Insurance Commissioner and the Central Bank
– 100% FDI is permitted in the Papua New Guinean insurance industry.
– Non-admitted insurance is prohibited with a few exceptions.
– Composite insurance is not permitted in Papua New Guinea. However, life insurers can carry on personal accident and health insurance business.
– Workers’ compensation and motor third-party liability insurance are the key compulsory classes of insurance.

Scope

– The report covers details of the insurance regulatory framework in Papua New Guinea.

– The report contains details of the rules and regulations governing insurance products and insurance entities.

– The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.

– The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

– The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

– Gain insights into the insurance regulatory framework in Papua New Guinea.

– Track the latest regulatory changes, and expected changes impacting the Papua New Guinean 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 product.

Table of Contents

Table of Contents

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability (bodily injury) insurance

2.4.2 Workers’ compensation insurance

2.4.3 Liability insurance for ships with respect to oil pollution

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Insurance Commissioner

2.5.3 Bank of Papua New Guinea

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxations

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData’s Services

3.5 Disclaimer

Table

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Papua New Guinea – Insurance Regulatory Framework Key Features

Table 3: Papua New Guinea – Life Insurance Regulatory Framework

Table 4: Papua New Guinea – Property Insurance Regulatory Framework

Table 5: Papua New Guinea – Motor Insurance Regulatory Framework

Table 6: Papua New Guinea – Liability Insurance Regulatory Framework

Table 7: Papua New Guinea – Corporate Tax Rates for the Financial Year 2018

Figures

List of Figures

Figure 1: Papua New Guinea – Insurance Supervision and Control at Various Levels

Figure 2: Papua New Guinea – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

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