Burkina Faso Insurance Industry - Governance, Risk and Compliance

Burkina Faso Insurance Industry - Governance, Risk and Compliance

Summary

GlobalData’s 'Burkina Faso Insurance Industry - Governance, Risk and Compliance' report is the result of extensive research into the insurance regulatory framework in Burkina Faso.

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 GlobalData’s 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 Burkina Faso’s insurance industry is regulated by the CRCA at the regional level and by the DNA at the national level.
  • Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
  • Insurance companies from CIMA member states are permitted to operate in Burkina Faso without a license.
  • 100% FDI is permitted in the Burkina Faso’s insurance industry.
  • Composite insurance is not permitted in Burkina Faso.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Burkina Faso, including -
  • An overview of the insurance regulatory framework in the Burkina Faso.
  • The latest key changes, and changes expected in the country’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 the Burkina Faso.
  • 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 Burkina Faso.
  • 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 country’s 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 Burkina Faso.
  • Track the latest regulatory changes, and expected changes impacting the Burkina Faso 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.


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 Motor third-party liability insurance
2.4.2 Professional indemnity insurance for insurance intermediaries
2.4.3 Worker’s compensation
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Commission Régionale de Contrôle des Assurances
2.5.3 Directions Nationales des Assurances
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 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 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 GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Burkina Faso - Insurance Regulatory Framework Key Features
Table 3: Burkina Faso- Intermediary Remuneration Rates
Table 4: Burkina Faso- Life Insurance Regulatory Framework
Table 5: Burkina Faso- Property Insurance Regulatory Framework
Table 6: Burkina Faso - Motor Insurance Regulatory Framework
Table 7: Burkina Faso - Liability Insurance Regulatory Framework
Table 8: Burkina Faso - Insurance Premium Tax Rates
Table 9: Burkina Faso - Corporate Tax Rates for the Financial Year 2020
List of Figures
Figure 1: Burkina Faso - Insurance Supervision and Control at Various Levels
Figure 2: Burkina Faso - Insurance Regulatory Frameworks for Company Registration and Operation

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