Malawi Insurance Industry – Governance, Risk and Compliance

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Malawi Insurance Industry Regulation Overview

Pension and Insurance Supervision (PISU) regulates the Malawi insurance industry along with other regulators and supervisors, including the International Association of Insurance Supervisors (IAIS), the African Insurance Organization (AIO), and the Insurance Association of Malawi (IAM).

The Malawi insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.

Key Regulators ·        Pension and Insurance Supervision (PISU)

·        International Association of Insurance Supervisors (IAIS)

·        The African Insurance Organization (AIO)

·        Insurance Association of Malawi (IAM)

Compulsory Insurances ·        Motor Third-Party Liability Insurance

·        Professional Indemnity Insurance

·        Social Security Insurance

·        Clinical Trials Liability Insurance

Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax

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Malawi Insurance Industry – Key Regulators and Legislation

Pension and Insurance Supervision (PISU): The Pension and Insurance Supervision (PISU) is a department of the Reserve Bank of Malawi (RBM). The PISU was established in 2010 to supervise and regulate the pension and insurance industry specifically. The main objective of the PISU of the RBM is to provide a safe and stable pension and insurance industry in Malawi under international supervisory standards.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing 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.

A few of the laws regulating the Malawi insurance industry are:

  • Insurance (Claims Management) Directive 2014
  • Insurance (Placement of Business Outside Malawi) Directive 2014
  • Premium Payments to General Insurance Companies Directive
  • Insurance (Minimum Capital and Solvency Requirements for Life Insurers) Directive, 2017
  • Insurance (Minimum Capital and Solvency Requirements for General Insurers) Directive, 2017

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Malawi Insurance Industry - Compulsory Insurance

A few of the compulsory insurances required within the Malawi insurance industry are:

  • Motor Third-Party Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance
  • Clinical Trials Liability Insurance

Compulsory Insurances in Malawi

Compulsory Insurances in Malawi

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Malawi Insurance Industry - Company Registration and Operation

A license is required to operate in the Malawi insurance industry. Insurers need to obtain a license to operate an insurance business in Malawi. In addition, a reinsurer is not permitted to operate in any type of insurance business in Malawi without the permission of the Registrar of Financial Services Institutions. Insurance brokers and agents must obtain approval and have a valid license to carry out insurance business in Malawi as well.

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Malawi Insurance Industry – Taxation

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

Corporate Income Tax: In Malawi, any company registered and incorporated in the country, or with management in Malawi is considered a resident company. Both resident and non-resident companies are taxed only on income sourced from Malawi. Corporate tax is imposed at a lower rate for resident companies compared to branches of non-resident companies.

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Scope

This report provides:

  • Details of the insurance regulatory framework in Malawi.
  • Details of the rules and regulations governing insurance products and insurance entities.
  • Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
  • Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
  • Details of the taxation imposed on insurance products and insurance companies.

Key Highlights

  • The PISU under the RBM regulates the insurance industry of Malawi.
  • Motor third-party liability insurance is compulsory.
  • Composite insurance is not permitted in the Malawian insurance industry.
  • Non-admitted insurance is prohibited by the insurance legislation. Risks that are not covered by domestic insurers can be placed with unauthorized insurers.

Reasons to Buy

  • Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Malawi.
  • Track the latest regulatory changes and expected changes impacting the Malawi 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. MALAWI

    • 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

Malawi – Insolvency Regulations for Life Insurers

Malawi – Insolvency Regulations for General Insurers

Malawi – Insolvency Regulations for Reinsurers

Malawi – Investment Limits for Life Insurance Funds

Malawi – Corporate Tax Rates for the Financial Year 2023

Figures

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

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

Frequently asked questions

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