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 the analyst'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.
The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Cyprus, including:
- An overview of the insurance regulatory framework in Cyprus.
- 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 the country.
- 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.
- Insurance Companies Control Service (ICCS) regulate the Cypriot insurance industry.
- The FDI regime of Cyprus allows up to 100% foreign participation in domestic insurance companies.
- Composite insurance is not permitted in Cyprus.
- Solvency II, which introduced new risk management standards for insurers, was implemented in the beginning of 2016.
- Employer’s liability insurance and motor third-party liability insurance are key compulsory insurance classes in Cyprus.
- The report covers details of the insurance regulatory framework in Cyprus.
- 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
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Cyprus.
- Track the latest regulatory changes, and expected changes impacting the Cypriot 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.
Table of Contents
- Legislation Overview
- Supervision and Control
- Compulsory Insurance
- Non-Admitted Insurance Regulations
- Company Registration and Operation
- Foreign Direct Investment / Ownership
- Minimum Capital Requirements
- Solvency Margins
- Reserve Requirements
- Statutory Return Requirements
- Fee Structure
- Tax on Insurance Premium
- Corporate Income Tax
- Corporate Capital Gains Tax
- Value Added Tax
- Legal System
- Policy Practice
List of Tables
- Cyprus - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
- Cyprus - Corporate Tax Rates for the Financial Year 2023