1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2 Definitions 6

2 GOVERNANCE, RISK AND COMPLIANCE 8
2.1 Legislation Overview and Historical Evolution 9
2.2 Latest Changes in Regulation 10
2.3 Legislation and Market Practice by Type of Insurance 16
2.3.1 Life insurance 18
2.3.2 Property insurance 20
2.3.3 Motor insurance 22
2.3.4 Liability insurance 23
2.3.5 Marine, aviation and transit insurance 24
2.3.6 Personal accident and health insurance 24
2.4 Compulsory Insurance 25
2.4.1 Motor third-party liability insurance 25
2.4.2 Professional indemnity insurance for doctors 28
2.4.3 Professional indemnity insurance for lawyers 29
2.4.4 Civil liability insurance for operators of commercial buildings against fire or explosion 30
2.4.5 Insurance for administrative buildings against fire or explosion 31
2.4.6 Construction risk insurance 31
2.4.7 Financial guarantee/professional liability insurance for insurance intermediaries 32
2.4.8 Insurance for import of goods 33
2.5 Supervision and Control 35
2.5.1 The African Insurance Organization 35
2.5.2 Agency of Regulation and Insurance Supervision 36
2.6 Non-Admitted Insurance Regulations 37
2.6.1 Overview 37
2.6.2 Intermediaries 37
2.6.3 Market practices 38
2.6.4 Fines and Penalties 38
2.7 Company Registration and Operations 39
2.7.1 Type of insurance organization 40
2.7.2 Establishing a local company 40
2.7.3 Foreign ownership 41
2.7.4 Types of license 41
2.7.5 Capital requirements 42
2.7.6 Solvency margin 42
2.7.7 Reserve requirements 44
2.7.8 Investment regulations 44
2.7.9 Statutory return requirements 45
2.7.10 Fee structure 45
2.8 Taxation 47
2.8.1 Insurance premium or policy taxation 47
2.8.2 Withholding taxes on premium paid overseas 47
2.8.3 Corporate tax 47
2.8.4 VAT 48
2.8.5 Captives 48
2.9 Legal System 49
2.9.1 Introduction 49
2.9.2 Access to court 49
2.9.3 Alternative dispute resolution 50

3 APPENDIX 51
3.1 Methodology 51
3.2 Contact GlobalData 51
3.3 About GlobalData 52
3.4 GlobalData's Services 53
3.5 Disclaimer 54

List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Burundi - Insurance Regulatory Framework Key Features 8
Table 3: Burundi - Non-life Insurance - Commission Rates for Insurance Brokers 12
Table 4: Burundi - Fees for Services Rendered by the ARCA 12
Table 5: Burundi - Life Insurance Regulatory Framework 18
Table 6: Burundi - Property Insurance Regulatory Framework 20
Table 7: Burundi - Motor Insurance Regulatory Framework 22
Table 8: Burundi - Liability Insurance Regulatory Framework 23
Table 9: Burundi - Corporate Tax Rates for the Financial Year 2018 47

List of Figures
Figure 1: Burundi - Insurance Supervision and Control at Various Levels 35
Figure 2: Burundi - Insurance Regulatory Frameworks for Company Registration and Operation 39