Governance, Risk and Compliance - The Luxembourg Insurance Industry
Description-
Synopsis
Timetrics
Governance, Risk and Compliance The Luxembourg
Insurance
Industry report is the result of extensive research into the
insurance regulatory framework in Luxembourg.
It
provides 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.
To
Browse a Report Detail with TOC @
http://www.researchmoz.us/governance-risk-and-compliance-the-luxembourg-insurance-industry-report.html
The
report brings together Timetrics research, modeling and analysis
expertise, giving 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.
Summary
The
report provides insights into the governance, risk and compliance
framework pertaining to the insurance industry in Luxembourg,
including:
An
overview of the insurance regulatory framework in Luxembourg.
The
latest key changes, and changes expected in the countrys insurance
regulatory framework.
Key
regulations and market practices related to different types of
insurance product in the country.
Rules
and regulations pertaining to key classes of compulsory insurance,
and the scope of non-admitted insurance in Luxembourg.
Key
parameters including licensing requirements, permitted foreign direct
investment, minimum capital requirements, solvency and reserve
requirements, and investment regulations.
Details
of the tax and legal systems in the country.
Scope
The
report covers details of the insurance regulatory framework in
Luxembourg.
The
report contains details of the rules and regulations governing
insurance products and insurance entities.
The
report lists and analyzes key trends and developments pertaining to
the countrys insurance regulatory framework.
The
report analyzes the rules and regulations pertaining to 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
Gain
insights into the insurance regulatory framework in Luxembourg.
Track
the latest regulatory changes, and expected changes impacting the
Luxembourg 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 product.
Key
Highlights
The
Luxembourg insurance industry is regulated by the Commissariat aux
Assurance.
Non-admitted
insurance is prohibited by the law; however unlicensed insurers and
reinsurers from EU and EEA member states are permitted.
FDI
is permitted in the Luxembourg insurance industry up to 100%.
Composite
insurance is not allowed in Luxembourg.
Solvency
II is implemented from January 1, 2016.
Table
of Contents
1
Introduction
1.1
What is this Report About?
1.2
Definitions
2
Governance, Risk and Compliance
2.1
Legislation Overview and Historical Evolution
2.2
Latest Changes in Regulations
2.3
Legislation and Market Practice by Type of Insurance
2.3.1
Life insurance
2.3.2
Property insurance
2.3.3
Motor insurance
2.3.4
Liability insurance
2.3.5
Marine, aviation and transit insurance
2.3.6
Personal accident and health insurance
2.4
Compulsory Insurance
2.4.1
Motor third-party liability insurance (MTPL)
2.4.2
Social insurance system
2.4.3
Air carriers and aircraft operators liability insurance
2.4.4
Marine insurance
2.4.5
Professional indemnity insurance for alternative investment fund
managers
2.4.6
Professional indemnity insurance for insurance intermediaries
2.5
Supervision and Control
2.5.1
International Association of Insurance Supervisors (IAIS)
2.5.2
European Insurance and Occupational Pensions Authority (EIOPA)
2.5.3
Insurance Commission (Commissariat aux Assurance)
2.5.4
Federation of European Risk Management Associations (FERMA)
2.5.5
Association of Insurance Companies and Reinsurance (ACA)
2.6
Non-Admitted Insurance Regulations
2.6.1
Overview
2.6.2
Intermediaries
2.6.3
Market practices
2.6.4
Fines and penalties
2.7
Company Registration and Operations
2.7.1
Types of insurance organization
2.7.2
Establishing a local company
2.7.3
Foreign ownership
2.7.4
Types of license
2.7.5
Capital requirements
2.7.6
Solvency margins
2.7.7
Reserve requirements
2.7.8
Investment regulations
2.7.9
Statutory return requirements
2.7.10
Fee structure
2.8
Taxation
2.8.1
Insurance premium or policy taxation
2.8.2
Withholding taxes on premium paid overseas
2.8.3
Corporate tax
2.8.4
VAT
2.8.5
Captives
2.9
Legal System
2.9.1
Introduction
2.9.2
Access to court
2.9.3
Alternative dispute resolution (ADR)
3
Appendix
3.1
Methodology
3.2
Contact Timetric
3.3
About Timetric
3.4
Timetrics Services
3.5
Disclaimer
List
of Tables
Table
1: Insurance Industry Definitions
Table
2: Luxembourg Insurance Regulatory Framework Key Features
Table
3: Luxembourg Life Insurance Regulatory Framework
Table
4: Luxembourg Property Insurance Regulatory Framework
Table
5: Luxembourg Motor Insurance Regulatory Framework
Table
6: Luxembourg Liability Insurance Regulatory Framework
Table
7: Luxembourg Bonus-Malus System for Motor Insurance
Table
8: Luxembourg Minimum Cover for Aircraft Third-Party Liability Per
Accident Per
Table
9: Luxembourg Insurance Premium Taxation
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