Governance, Risk and Compliance - The Lao Insurance Industry
The insurance industry of Laos is supervised and regulated by the Ministry of Finance (MOF), according to the rules and regulations stipulated in the Insurance Law 2012 that replaced the Insurance Law No. 11/90/SPA of November 29, 1990. The regulatory frameworks in the country ensure the protection of consumers’ interests, as well as providing a level playing field for both domestic and international insurance companies.
The MOF is the regulatory body responsible for monitoring and controlling all insurance companies, reinsurance companies and insurance intermediaries operating in the country’s insurance industry.
Governance, Risk and Compliance - The Lao Insurance Industry, report is the result of extensive research into the insurance regulatory framework in the Loas 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.
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 also includes the scope of non-admitted insurance in the country.
Key Market Highlights
- The MOF is the government regulatory authority of the Lao insurance industry.
- Composite insurance is not permitted in the Lao insurance industry.
- The government of Laos does not impose any restrictions on investment by foreign investors in the insurance industry.
- The placement of non-admitted insurance is not permitted in the insurance industry of Laos.
- The Insurance Law 2012, which replaced the Insurance Law 1990, is the principal law governing insurance business in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Loas, including -
Reasons to buy
- An overview of the insurance regulatory framework in the Loas.
- 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 Loas.
- 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.
- Gain insights into the insurance regulatory framework in the Loas.
- Track the latest regulatory changes, and expected changes impacting the Loa 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.
- What is this Report About?
- Table Insurance Industry Definitions
- Governance, Risk and Compliance
- Table Laos – Insurance Regulatory Framework Key Features
- Legislation Overview and Historical Evolution
- Latest Changes in Regulation
- Legislation and Market Practice by Type of Insurance
- Life insurance
- Table Laos – Life Insurance Regulatory Framework
- Property insurance
- Table Laos – Property Insurance Regulatory Framework
- Motor insurance
- Table Laos– Motor Insurance Regulatory Framework
- Liability insurance
- Table Laos – Liability Insurance Regulatory Framework
- Marine, aviation and transit insurance
- Personal accident and health insurance
- Compulsory Insurance
- Social security insurance
- Motor third-party liability insurance
- Table Laos – Motor Vehicle Insurance No-Fault Liability Limit
- Table Laos – Motor Vehicle Insurance Compulsory Coverage Limit
- Table Laos – Motor Vehicle Insurance Additional Coverage Limit
- Table Laos – Motor Vehicle Insurance: No-Claims Discount
- Supervision and Control
- Table Figure 1: Laos – Insurance Supervision and Control at Various Levels
- International Association of Insurance Supervisors
- Ministry of Finance
- Non-Admitted Insurance Regulations
- Market practices
- Fines and penalties
- Company Registration and Operations
- Table Figure 2: Laos – Insurance Regulatory Frameworks for Company Registration and Operation
- Type of insurance organization
- Establishing a local company
- Foreign ownership
- Types of license
- Capital requirements
- Solvency margin
- Reserve requirements
- Investment regulations
- Statutory return requirements
- Fee structure
- Insurance premium or policy taxation
- Withholding taxes on premium paid overseas
- Corporate tax
- Table Laos – Corporate Tax Rates for the Financial Year 2018
- Legal System
- Access to court
- Alternative dispute resolution (ADR)
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- About GlobalData
- Table Figure 3: About GlobalData
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