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Governance, Risk and Compliance – The Luxembourg Insurance Industry

Governance, Risk and Compliance – The Luxembourg Insurance Industry

Synopsis

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

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 Luxembourg, including:

  • An overview of the insurance regulatory framework in Luxembourg.
  • 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 Luxembourg.
  • 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 Luxembourg.
  • 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 Luxembourg.
  • Track the latest regulatory changes, and expected changes impacting the Luxembourg 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 Luxembourg insurance industry is regulated by the Commissariat aux Assurance.
  • Non-admitted insurance is prohibited by the law; however unlicensed insurers and reinsurers from EU and EEA member states are permitted.
  • FDI is permitted in the Luxembourg insurance industry up to 100%.
  • Composite insurance is not allowed in Luxembourg.
  • Solvency II is implemented from January 1, 2016.


  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Governance, Risk and Compliance
    • Table Luxembourg – 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 Luxembourg – Life Insurance Regulatory Framework
      • Property Insurance
        • Table Luxembourg – Property Insurance Regulatory Framework
      • Motor Insurance
        • Table Luxembourg – Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Luxembourg – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third party liability insurance
        • Table Luxembourg – Bonus-Malus System for Motor Insurance
      • Social insurance system
      • Air carriers and aircraft operators liability insurance
        • Table Luxembourg – Aviation Liability Insurance Liability Limits
      • Marine liability insurance
      • Professional indemnity insurance for alternative investment fund managers
      • Professional indemnity insurance for insurance intermediaries
      • Liability insurance for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • European Insurance and Occupational Pensions Authority (EIOPA)
      • Insurance Commission (Commissariat aux Assurance)
      • Federation of European Risk Management Associations (FERMA)
      • Association of Insurance Companies and Reinsurance (ACA)
    • Non-Admitted Insurance Regulation
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • 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
    • Taxation
      • Insurance premium or policy taxation
        • Table Luxembourg – Insurance Premium Taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Luxembourg – Corporate Tax Rate for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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