Paraguay Insurance Industry – Governance, Risk and Compliance

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The Paraguayan insurance industry report is the result of extensive research into the insurance regulatory framework in the country. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health, marine, aviation, and transit insurance.

The report also specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Furthermore, the report includes the scope of non-admitted insurance in the country.

What are the market dynamics in the Paraguayan insurance industry?

The SIS, created in 1996 under Insurance Law 1996, is the administrative agency of the government of Paraguay, responsible for supervising and regulating the insurance industry in the country. Its principal objective includes the control and monitoring of insurance and reinsurance companies and insurance intermediaries.

Some of the key duties and responsibilities of the superintendent of insurance under Article 61 of the law and in the manual for organization and functions of the superintendent of insurance include promoting a strong, efficient and competitive domestic insurance market; protecting the interests and rights of policyholders; ranking insurance companies based on parameters arising from the analysis solvency margin of each company; studying the economic conditions of the country in respect of the activity of insurance companies, and so on.

What are the types of licenses issued in the Paraguayan insurance industry?

The different types of insurance licenses issued in the Paraguayan insurance industry are life insurance license, non-life insurance license, composite insurance, reinsurance license, and license for intermediaries. 

Life insurance license in Paraguay 

Insurance companies with a license to life insurance can underwrite insurance contracts covering risks to people’s lives.

Non-life insurance license in Paraguay

Insurance companies with a license to non-life insurance can underwrite insurance contracts indemnifying the insured against the risks of loss or impairment of property and can also cover risks of people with a cover that does not require the establishment of mathematical reserves.

Composite insurance license in Paraguay 

Composite insurance is permitted in the Paraguayan insurance industry, provided they maintain separate capital requirements for life and non-life insurance business.

Reinsurance license in Paraguay

As per Article 91 of the Law, SIS issues a separate reinsurance license to the companies to carry the reinsurance business in the country. A reinsurer must obtain a separate authorization for each class of insurance business, and it is not permitted to reinsure risks for which it is not authorized by SIS to operate. 

License for intermediaries in Paraguay

In addition to providing authorization to underwrite and sell insurance and reinsurance contracts, SIS registers and authorizes insurance intermediaries to carry on various auxiliary functions of the insurance business. Various provisions for licensing and authorization of insurance intermediaries are specified in Articles 70–90 and 96–99 of the Law. Under the Law, SIS provides authorization to the insurance agents, insurance brokers, reinsurance brokers, and claim adjusters.

The Paraguayan insurance industry, by license type

The Paraguayan insurance industry, by license type

For more license type insights, download a free report sample

Which other associations oversee the Paraguayan insurance industry?

The key associations that oversee the Paraguayan insurance industry are the International Association of Insurance Supervisors (IAIS) and the Association of Insurance Supervisors Latin America (ASSAL).

International Association of Insurance Supervisors 

The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in over 140 countries. 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. It works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.

Association of Insurance Supervisors Latin America 

The ASSAL is the regional insurance supervisory authority with members from 22 countries: 20 Latin American countries and two European countries: Spain and Portugal. The association issues standards on various insurance aspects such as solvency margins, reinsurance, reserve requirements, reserve investment, inspections, asset management, and money laundering. Some of the primary objectives of the organization include exchanging information on legislation, control methods, market characteristics, and operating systems; collecting and disseminating technical and statistical information; conveying the experiences in member countries on specific issues in the insurance industry, and so on.

Market report scope

Key license types Life Insurance License, Non-Life Insurance License, Composite Insurance, Reinsurance License, and License for Intermediaries
Key associations International Association of Insurance Supervisors (IAIS) and Association of Insurance Supervisors Latin America (ASSAL)

Scope 

  • The report covers details of the insurance regulatory framework in Paraguay.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments about the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations about 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

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country
  • Gain insights into the insurance regulatory framework in Paraguay
  • Track the latest regulatory changes and expected changes impacting the Paraguayan 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 about various types of insurance products.

Table of Contents

Table of Contents

PARAGUAY

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

Paraguay – Corporate Tax Rates for the Financial Year 2021

Figures

List of Tables

Paraguay – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

Paraguay Insurance Industry – Governance, Risk and Compliance standard reports
Currency USD
$950

Can be used by individual purchaser only

$1,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


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