Governance, Risk and Compliance – The Pakistani Insurance Industry Market Analysis Revealing Key Drivers & Growth Trends

Albany, US, 2017-Nov-09 — /EPR Network/ —  A fresh report has been added to the wide database of Market Research Hub (MRH). The research study is titled “Governance, Risk and Compliance – The Pakistani Insurance Industry Market”which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview. The report anticipates that the sector for Insurance would rise at a positive CAGR during the period 2017-2022.

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The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Pakistan, including:

 

• An overview of the insurance regulatory framework in Pakistan.
• The latest key changes, and changes expected in Pakistan’s 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 Pakistan.
• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.
• Details of the tax and legal systems in the country.

 

Executive summary

 

Market Research Hub’s ‘Governance, Risk and Compliance – The Pakistan Insurance Industry’ report is the result of extensive research into the insurance regulatory framework in Pakistan. 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 operations of insurance and reinsurance companies and intermediaries.

 

The report brings together Market Research Hub’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

 

Scope

• This report covers details of the insurance regulatory framework in Pakistan.
• The report contains details of rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to Pakistan’s insurance regulatory framework.
• The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
• The report provides details of taxation imposed on insurance products and companies.

 

Reasons to buy

• Gain insights into the insurance regulatory framework in Pakistan.
• Track latest regulatory changes and expected changes impacting the Pakistani insurance industry.
• Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices relating to various types of insurance product.

Key highlights

 

 

• The Securities and Exchange Commission of Pakistan (SECP) is the regulatory body for supervising and regulating the insurance industry.
• The government of Pakistan allows 100% foreign direct investment (FDI) in the country’s insurance industry.
• Non-admitted insurance is not permitted in Pakistan. However, unlicensed insurers are permitted to sell reinsurance and marine export cargo insurance contracts in the country.
• Compulsory classes of insurance include motor third-party liability insurance and workmen’s compensation insurance.
• The introduction of a risk-based capital framework proposed.
• The SECP has proposed to increase minimum capital requirements for insurers.

 

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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

2.4.2 Workmen’s compensation insurance

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors (IAIS)

2.5.2 Securities and Exchange Commission of Pakistan

2.5.3 Insurance Association of Pakistan (IAP)

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 oversea

 

Continue…..

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