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  4. > Governance, Risk and Compliance – The Uruguayan Insurance Industry

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

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 Uruguay, including:

- An overview of the insurance regulatory framework in Uruguay.

- 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 Uruguay.

- 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 Uruguay.

- 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 Uruguay.

- Track the latest regulatory changes, and expected changes impacting the Uruguayan 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 Uruguayan insurance industry is regulated and supervised by the Superintendence of Insurance and Reinsurance.

- Composite insurance is not permitted in Uruguayan insurance industry.

- Non-admitted insurers are not permitted in the Uruguayan insurance industry.

- Fire and automobile insurance contracts are subject to premium tax at a rate of 7%, other non-life insurance contracts are subject to IPT at a rate of 5%, marine and life insurance contracts are exempt.

- Aviation liability insurance, motor third-party liability insurance and workmen’s compensation insurance are the key classes of compulsory insurance in Uruguay.

Table Of Contents

Governance, Risk and Compliance - The Uruguayan 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 Regulation
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 Workers' compensation insurance
2.4.2 Motor third-party liability insurance
2.4.3 Liability for ships with respect to oil pollution
2.4.4 Aviation liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Association of Insurance Supervisors Latin America
2.5.3 Superintendence of Insurance and Reinsurance
2.5.4 Asociación Uruguaya de Empresas Aseguradoras
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 Type 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 margin
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 taxations
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
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: Uruguay - Insurance Regulatory Framework Key Features
Table 3: Uruguay - Life Insurance Regulatory Framework
Table 4: Uruguay - Property Insurance Regulatory Framework
Table 5: Uruguay - Motor Insurance Regulatory Framework
Table 6: Uruguay - Liability Insurance Regulatory Framework
Table 7: Uruguay - Insurance Premium Tax Rates
Table 8: Uruguay - Corporate Tax Rates for the Financial Year 2016



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

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