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Governance, Risk and Compliance - The Grenadian Insurance Industry

Governance, Risk and Compliance - The Grenadian Insurance Industry

Synopsis

Timetric’s Governance, Risk and Compliance – The Grenadian Insurance Industry report is the result of extensive research into the insurance regulatory framework in Grenada.

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.

Summary

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

  • An overview of the insurance regulatory framework in Grenada.
  • 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 Grenada.
  • 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 Grenada.
  • 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 Grenada.
  • Track the latest regulatory changes, and expected changes impacting the Grenadian 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.
Key Highlights
  • The Grenadian insurance industry is regulated by the Grenadian Authority for the Regulation of Financial Institution.
  • Composite insurance is permitted in Grenadian insurance industry.
  • Insurance levy at a rate of 1% is imposed on all insurance contracts except life insurance.
  • Non-admitted insurance is not permitted in the Grenadian insurance industry. However, non-admitted reinsurers are permitted.
  • It is compulsory for all companies/businesses operating in Grenada to register themselves with the National Insurance Scheme.


  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Governance, Risk and Compliance
    • Table Grenada - 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 Grenada - Life Insurance Regulatory Framework
      • Property insurance
        • Table Grenada - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Grenada - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Grenada - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Social security scheme
    • Supervision and Control
      • Eastern Caribbean Central Bank
      • Caribbean Association of Insurance Regulators
      • Grenada Authority for the Regulation of Financial Institutions
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Grenada - Corporate Taxes for the Financial Year 2015
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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