(EMAILWIRE.COM, December 12, 2018 ) GlobalDatas ‘Governance, Risk and Compliance – The Ecuadorian Insurance Industry’ report is the result of extensive research into the insurance regulatory framework in Ecuador.
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.
The report brings together GlobalDatas 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.
Key Highlights:
– The SCVS regulates the Ecuadorian insurance industry.
– Composite insurance is not permitted in the Ecuadorian insurance industry. However, composite insurers established prior to 1998 can offer both life and non-life insurance products.
– Non-admitted insurance is not permitted. However, risks for which local capacity is not available are permitted to be placed with unauthorized insurers.
– 100% FDI is permitted in the Ecuadorian insurance industry.
– SPPAT, general insurance under the Social Security Act, and aviation insurance are some of the compulsory.
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The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Ecuador, including –
– An overview of the insurance regulatory framework in Ecuador.
– 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 Ecuador.
– 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 Ecuador.
– 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 Ecuador.
– Track the latest regulatory changes, and expected changes impacting the Ecuadorian 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.
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Key Points from TOC:
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 Regulation
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 Servicio Pblico para Pago de Accidentes de Trnsito
2.4.2 General insurance under the Social Security Act
2.4.3 Aviation insurance
2.4.4 Fire insurance for condominiums
2.4.5 Social security system
2.4.6 Liability for ships with respect to oil pollution
2.4.7 Civil liability insurance for operators and marketers of derivatives of hydrocarbons
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Association of Insurance Supervisors Latin America
2.5.3 Superintendencia de Compaas, Valores y Seguros
2.6 Non-Admitted Insurance Regulation
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 Type 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 margin
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 sInsurance 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
3 APPENDIX
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