Guyana Insurance Industry – Governance, Risk and Compliance

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The Guyana insurance industry research 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 regulatory framework, taxation, and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Guyana Insurance Industry Dynamics

The insurance industry in Guyana is supervised and regulated by the Bank of Guyana with the enactment of the Insurance (Supplementary Provisions 2009) Act which amended the Insurance Act 1998. The primary aims of the Insurance Act 1998 are to regulate the insurance industry, promote competition in the industry, and protect policyholders.

Guyana Insurance Industry Segmentation by License Types

The key types of licenses issued in the Guyana insurance industry are long-term insurance, general insurance, composite insurance, reinsurance, and license for insurance intermediaries.

Long-term insurance license: Insurers with a long-term insurance license in Guyana can underwrite and sell insurance contracts related to life and annuity, linked long-term, health, pension funds, and capital redemption. 

General insurance license: General insurers underwrite and sell insurance contracts related to the accident, health, goods in transit, liability, credit, suretyship, miscellaneous financial loss, legal expenses, motor, motor third-party liability, aviation, aviation liability, marine, marine liability, fire insurance, and other property insurance. 

Composite insurance license: Composite insurance license permits insurance companies to operate in both long-term and general insurance businesses. 

Reinsurance license: A license for operating a reinsurance business enables the reinsurer to offer insurance products to other insurance companies, thereby covering their financial risks. Reinsurers can obtain licenses for carrying out operations in just the general insurance segment or the long-term insurance segment, or in both segments. 

License for insurance intermediaries: In addition to granting licenses for conducting insurance activities in Guyana, the Bank issues licenses to operate insurance mediation activities. It issues licenses to insurance agents and brokers according to the provisions specified in the Insurance Act 1998.

Guyana Insurance Industry Segmentation by Key Bodies

The key bodies that oversee the Guyana insurance industry are the Insurance Association of the Caribbean (IAC) and the Caribbean Association of Insurance Regulators (CAIR).

Insurance Association of the Caribbean: The IAC is a non-profit organization dedicated to the promotion and growth of the Caribbean Insurance Industry. It has a diverse list of members representing all the insurance classes, belonging to the Caribbean, Canada, Europe, and the US. The Caribbean members of the IAC are Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Cayman Islands, Dominica, Guyana, Haiti, Jamaica, St.Lucia, St.Vincent, Suriname, and Trinidad and Tobago.

Caribbean Association of Insurance Regulators: The major objective of CAIR was to rationalize the Regulation of the Caribbean Insurance Industry and encourage and support the development and enforcement of insurance regulation in the Caribbean according to international standards.

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Guyana Insurance Industry Report Overview

Key Regulatory Body Bank of Guyana
Key Legislations Insurance Act 1998
Key License Types Long-Term Insurance, General Insurance, Composite Insurance, Reinsurance, and License for Insurance Intermediaries
Key Bodies Insurance Association of the Caribbean (IAC) and the Caribbean Association of Insurance Regulators (CAIR)

Scope

This report provides:

  • Details of the insurance regulatory framework in Guyana
  • 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

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 Guyana.
  • Track the latest regulatory changes and expected changes impacting the Guyana 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

Table of Contents

GUYANA

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

Contact Us

Table

List of Tables

Guyana – Corporate Tax Rates for the Financial Year 2022

Figures

List of Tables

Guyana – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

Guyana Insurance Industry – Governance, Risk and Compliance standard reports
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