1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
  4. > Governance, Risk and Compliance - The Pakistani Insurance Industry

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

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 Pakistan, including:

- An overview of the insurance regulatory framework in Pakistan.

- 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 Pakistan.

- 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 Pakistan.

- 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 Pakistan.

- Track the latest regulatory changes, and expected changes impacting the Pakistani 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 SECP is the regulatory body for supervising and regulating the insurance industry.

- The government of Pakistan allows 100% FDI in the country’s insurance industry.

- Non-admitted insurance is not permitted in Pakistan. However, unlicensed insurers are permitted to sell reinsurance and marine export cargo insurance contracts in the country.

- Compulsory classes of insurance include motor third-party liability insurance and workmen’s compensation insurance.

- Composite insurance is not permitted in Pakistan.

- The SECP has proposed to increase minimum capital requirements for insurers.

Table Of Contents

Governance, Risk and Compliance - The Pakistani Insurance Industry
Table of Contents
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 Regulations
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 Workmen's compensation insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Securities and Exchange Commission of Pakistan
2.5.3 Insurance Association of Pakistan (IAP)
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 Types 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 margins
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 Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Pakistan - Insurance Regulatory Framework Key Features
Table 3: Pakistan - Life Insurance Regulatory Framework
Table 4: Pakistan - Minimum Financial Protection for Unit-linked insurance Products
Table 5: Pakistan - Property Insurance Regulatory Framework
Table 6: Pakistan - Motor Insurance Regulatory Framework
Table 7: Pakistan - Liability Insurance Regulatory Framework
Table 8: Pakistan - Corporate Tax Rates for the Financial Year 2015

List of Figures
Figure 1: Pakistan - Insurance Supervision and Control at Various Levels
Figure 2: Pakistan - Insurance Regulatory Frameworks for Company Registration and Operation

View This Report »

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 24 Million searchable statistics with tables, figures & datasets
  • More than 10,000 trusted sources
24/7 Customer Support

Talk to Veronica

+1 718 514 2762

Purchase Reports From Reputable Market Research Publishers
Logistics Insurance Market Analysis By Industry (Transportation, Marine, Aviation),By Country And Segment Forecasts, 2014 - 2025

Logistics Insurance Market Analysis By Industry (Transportation, Marine, Aviation),By Country And Segment Forecasts, 2014 - 2025

  • $ 4950
  • Industry report
  • November 2016
  • by Grand View Research

The global logistics insurance market is anticipated to reach USD 61.55 billion by 2025, according to a new report by Grand View Research, Inc. The increasing foreign direct investment, establishment of ...

Maximizing Direct-to-Consumer Opportunities in Insurance

Maximizing Direct-to-Consumer Opportunities in Insurance

  • $ 3800
  • Industry report
  • December 2016
  • by Timetric

Synopsis Timetric’s 'Insight Report: Maximizing Direct-to-Consumer Opportunities in Insurance' analyzes the emerging importance of the direct-to-consumer (D2C) channel in the insurance industry. It provides: ...

Global Automotive Usage-Based Insurance Market 2017-2021

Global Automotive Usage-Based Insurance Market 2017-2021

  • $ 3500
  • Industry report
  • January 2017
  • by Infiniti Research Limited

About Automotive Usage-Based Insurance The global automotive UBI market is at a nascent stage and has low penetration in the overall automotive insurance market. The market is seeing an influx of new players ...


ref:plp2016

Reportlinker.com © Copyright 2017. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.