Macao Insurance Industry – Governance, Risk and Compliance
The Macao insurance industry 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. It gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the state. The report also includes the scope of non-admitted insurance in the state.
What are the market dynamics in the Macao insurance industry?
The insurance industry in Macao was regulated by the Macao Monetary and Foreign Exchange Office of Comptroller until 1999. After the formal establishment of the Macao Special Administration Region in 1999, the Macao Monetary and Foreign Exchange Comptroller was renamed as the Monetary Authority of Macao, but the original functions, powers, and responsibilities remained unchanged. The main responsibilities of the AMCM include maintenance of the stability of the financial system and ensuring the proper functioning of monetary, financial, foreign exchange, and insurance activities. AMCM also monitors the internal stability of the currency and its external repayment capacity in order to ensure its full convertibility.
What are the different types of licenses issued in the Macao insurance industry?
The different types of insurance licenses issued in the Macao insurance industry are life insurance license, non-life insurance license, composite insurance, and license for insurance intermediaries.
Life insurance license in the Macao insurance industry
Under licenses for life insurance, companies can provide insurance contracts related to life and annuity, marriage and birth, linked long-term, health, tontines, pension fund management, and operations of capitalization.
Non-life insurance license in the Macao insurance industry
Under licenses for non-life insurance, companies can provide insurance contracts related to the accident, sickness, land vehicles, railway rolling stock, aircraft, ships, goods in transit, fire and natural forces, damage to property, credit, suretyship, legal expenses, liability for ships, aircraft and motor vehicles, and general liability.
Composite insurance in the Macao insurance industry
Companies in Macao are not permitted to carry out both life and non-life insurance business simultaneously. Hence reinsurance business can be conducted in Macao after a company has obtained authorization from the AMCM.
License for insurance intermediaries in the Macao insurance industry
AMCM must authorize the carrying on of insurance intermediary business in life insurance and/or in non-life insurance. A person acting as an intermediary should have a license to carry out such activities in the country.
What are the different types of tax imposed in the Macao insurance industry?
The different types of tax imposed in the Macao insurance industry are corporate income tax and corporate capital gains tax. Income tax is called complementary tax in Macao and is charged on both resident and non-resident companies. Resident companies are taxed on their worldwide income while non-resident companies are taxed on the income earned in Macao. Taxable income includes business income, interest income, and realized capital gains. Corporate capitals gains are included in the revenue.
Which associations oversee the Macao insurance industry?
The key associations overseeing the Macao insurance industry market are the International Association of Insurance Supervisors (IAIS) and Macao Insurers’ Association (MIA).
International Association of Insurance Supervisors
The IAIS was established in 1994 as a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. Their primary objectives are to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain a fair, safe and stable insurance industry for the benefit and protection of policyholders as well as to contribute to global financial stability. The IAIS 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. They also work closely with other financial sector standard-setting bodies and international organizations.
Macao Insurers’ Association
The MIA is a self-regulated entity founded in December 1987. Its primary objective is to enhance and promote Macao’s insurance industry. Other key objectives of the MIA are promotion and maintenance of good relations among associates and enhancement of associates’ overall level of understanding of insurance. The MIA also liaisons with and advises the government on the formulation and implementation of insurance rules and regulations besides facilitating communication exchanges between national and international entities and associations.
Macao insurance industry, by association
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Market report scope
| Key license types | Life Insurance License, Non-Life Insurance License, Composite Insurance, and License for Insurance Intermediaries |
| Key tax types | Corporate Income Tax and Corporate Capital Gains Tax |
| Key associations | International Association of Insurance Supervisors (IAIS) and Macao Insurers’ Association (MIA) |
This report provides a detailed analysis of:
- The insurance regulatory framework in Macao.
- The rules and regulations governing insurance products and insurance entities.
- Key trends and developments pertaining to the state’s insurance regulatory framework.
- Rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
- 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 state.
- Gain insights into the insurance regulatory framework in Macao.
- Track the latest regulatory changes and expected changes impacting the Macao insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
- Understand key regulations and market practices pertaining to various types of insurance products.
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The different types of insurance licenses issued in the Macao insurance industry are life insurance license, non-life insurance license, composite insurance, and license for insurance intermediaries.
The different types of tax imposed in the Macao insurance industry are corporate income tax and corporate capital gains tax.
International Association of Insurance Supervisors (IAIS) and Macao Insurers’ Association (MIA) are the key associations overseeing the Macao insurance industry.
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