Governance, Risk and Compliance - The Cypriot Insurance Industry
Timetric’s Governance, Risk and Compliance – The Cypriot Insurance Industry report is the result of extensive research into the insurance regulatory framework in Cyprus.
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 Timetric’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.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Cyprus, including:
- An overview of the insurance regulatory framework in Cyprus.
- 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 Cyprus.
- 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.
Reasons To Buy
- The report covers details of the insurance regulatory framework in Cyprus.
- 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.
- Gain insights into the insurance regulatory framework in Cyprus.
- Track the latest regulatory changes, and expected changes impacting the Cypriot 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.
- The Cypriot insurance industry is regulated by Insurance Companies Control Service (ICCS).
- The FDI regime of Cyprus allows up to 100% foreign participation in domestic insurance companies.
- Composite insurance is not permitted in Cyprus.
- Solvency II, which will introduce new risk management standards for insurers, is expected to be implemented in the beginning of 2016
- Employer’s liability insurance and motor third-party liability insurance are key compulsory insurance classes in Cyprus.
- What is this Report About?
- Table Insurance Industry Definitions
- Governance, Risk and Compliance
- Table Cyprus - Insurance Regulatory Framework Key Features
- Legislation Overview and Historical Evolution
- Latest Changes in Regulations
- Legislation and Market Practice by Type of Insurance
- Life insurance
- Table Cyprus - Life Insurance Regulatory Framework
- Property insurance
- Table Cyprus - Property Insurance Regulatory Framework
- Motor insurance
- Table Cyprus - Motor Insurance Regulatory Framework
- Liability insurance
- Table Cyprus - Liability Insurance Regulatory Framework
- Marine, aviation and transit insurance
- Personal accident and health insurance
- Compulsory Insurance
- Social security
- Motor third-party liability insurance
- Air carriers and aircraft operators insurance
- Table Cyprus - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
- Professional indemnity insurance for alternative investment fund managers
- Environmental liability insurance
- Supervision and Control
- International Association of Insurance Supervisors
- European Insurance and Occupational Pensions Authority
- Insurance Companies Control Service
- Insurance Association of Cyprus
- Non-Admitted Insurance Regulations
- Market practices
- Fines and penalties
- Company Registration and Operations
- Types of insurance organization
- Establishing a local company
- Foreign ownership
- Types of license
- Capital requirements
- Table Cyprus - Capital Requirements for Insurers
- Solvency margins
- Reserve requirements
- Investment regulations
- Statutory return requirements
- Fee structure
- Insurance premium or policy taxation
- Withholding taxes on premium paid overseas
- Corporate tax
- Table Cyprus - Corporate Tax Rates for the Financial Year 2015
- Legal System
- Access to court
- Alternative dispute resolution (ADR)
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