Lebanon Insurance Industry – Governance, Risk and Compliance

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Lebanon Insurance Industry Regulation Overview

The Insurance Control Commission (ICC) acts as the regulator of the Lebanon insurance industry while the International Association of Insurance Supervisors (IAIS) and the Association des Compagnies d’Assurances au Liban (ACAL) act as the other supervisors. The Lebanon 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 ·       Insurance Control Commission (ICC)

·       International Association of Insurance Supervisors (IAIS)

·       Association des Compagnies d’Assurances au Liban (ACAL)

Compulsory Insurances ·       Motor Third-Party Liability Insurance

·       Marine Liability Insurance

·       Social Security Insurance

·       Employers’ Liability Insurance

·       Liability Insurance

Key Taxes ·       Tax on Insurance Premium

·       Corporate Income Tax

·       Corporate Capital Gains Tax

·       Value Added Tax

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Lebanon Insurance Industry – Key Regulators and Legislation

Insurance Control Commission: The Lebanese insurance industry is governed by the Insurance Law enacted by the MEC, through the establishment of ICC. Most of the regulations related to licensing insurance companies and intermediaries in Lebanon are controlled by the MEC. The ICC was established as a legislative government body that provides licenses to insurers and intermediaries wishing to enter the Lebanon insurance industry. The ICC also supervises the fulfillment of the prescribed rules and regulations for insurers and insurance intermediaries, endorses standardized terms and conditions, promotes development strategies and provides security to the insured.

International Association of Insurance Supervisors: 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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Lebanon Insurance Industry - Compulsory Insurance

Some of the key compulsory insurances required within the Lebanon insurance industry are:

  • Motor Third-Party Liability Insurance
  • Marine Liability Insurance
  • Social Security Insurance
  • Employers’ Liability Insurance
  • Liability Insurance

Lebanon Insurance Industry Analysis by Compulsory Insurances

Lebanon Insurance Industry Analysis by Compulsory Insurances

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Lebanon Insurance Industry - Company Registration and Operation

A license is required to operate in the Lebanon insurance industry like any other country. Article 1 and Article 9 of the Insurance Law stipulate that insurance companies must obtain a license from MOET to operate an insurance business in Lebanon. The sale and promotion of insurance products and services are not permitted without a license for a particular type of insurance class in the country. Locally licensed insurance companies can also operate a reinsurance business in Lebanon.

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Lebanon Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Lebanon. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: Taxation is administered and supervised by the Ministry of Finance of Lebanon, under the Income Tax Law, Value-Added Tax Law, and Tax procedures. A company is a resident if it conducts its business operations from a place in Lebanon for at least six months in a year for contracting activities and a period of at least three months for other activities. Under Law No. 64 of 2017, the corporate income tax applies to the overall income of resident and non-resident corporate entities In Lebanon. Taxable income does not include eligible expenses. Corporate income tax is levied on all taxable income of any business, except for insurance businesses, public contractors, and oil refineries.

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Scope

This report provides:

  • Details of the insurance regulatory framework in Lebanon
  • 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 Lebanese insurance industry is regulated by the Insurance Control Commission, under the Ministry of Economy and Commerce.
  • The Lebanese insurance industry allows foreign direct investment.
  • The life and general insurance businesses in Lebanon are regulated by the provisions of the Insurance Law, amended in 2002.
  • The motor third-party liability insurance, work injury fund, and Universal Healthcare fund are mandatory in Lebanon.
  • Non-admitted insurers and intermediaries are not permitted in the Lebanese 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 Lebanon.
  • Track the latest regulatory changes and expected changes impacting the Lebanon 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

  • 1. LEBANON

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance
    • 1.3. Non-Admitted Insurance Regulations
    • 1.4. Company Registration and Operation

      • 1.4.1. License
      • 1.4.2. Foreign Direct Investment / Ownership
      • 1.4.3. Minimum Capital Requirements
      • 1.4.4. Solvency Margins
      • 1.4.5. Reserve Requirements
      • 1.4.6. Statutory Return Requirements
      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium
      • 1.5.2. Corporate Income Tax
      • 1.5.3. Corporate Capital Gains Tax
      • 1.5.4. Value Added Tax

    • 1.6. Legal System
    • 1.7. Policy Practice

  • 2. About GlobalData
  • 3. Contact Us

Table

Lebanon – Corporate Tax Rates for the Financial Year 2023

Figures

List of Figures

Figure 1: Lebanon – Insurance Supervision and Control at Various Levels

Figure 2: Lebanon – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

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