Governance, Risk and Compliance - The Iraqi Insurance Industry

Governance, Risk and Compliance - The Iraqi Insurance Industry

Summary

Iraq has two regional governments: Central Iraq (or Iraq) and Kurdistan. The Iraqi Insurance Diwan (IID) supervises and regulates the Iraqi insurance industry. The IID was established as an independent body that defines policies and procedures for the oversight and governance of the insurance industry. IID is a component of the Iraqi Ministry of Finance. Established under the Insurance Business Regulation Act No. 10 of 2005 (IBR), the IID regulates the insurance and reinsurance industry in accordance with the regulations set out in the IBR 2005 and subsidiary legislations.

The IID was established primarily for the licensing, supervision and development of the insurance industry in Iraq. The IID's main responsibility is to develop the insurance industry under strict compliance with local and international best practice. It is responsible for the development of Iraq's economy and financial industry. The president of the IID, or whomever the president authorizes, would represent the IID.

Key Findings

The IID is the government regulatory body responsible for supervising and regulating the Iraqi insurance industry
A composite insurance license is not issued by the IID. However, the license to practice long-term insurance business automatically authorizes the insurer to practice health insurance and personal accident insurance
The government permits 100% foreign direct investment (FDI) in the Iraqi insurance industry
Insurance policies issued in the country are exempt from premium taxes
The placement of non-admitted insurance is not permitted

The report "Governance, Risk and Compliance - The Iraqi Insurance Industry", is the result of extensive research into the insurance regulatory framework in the Iraq. 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 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

An overview of the insurance regulatory framework in the Iraq
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 Iraq
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 the Iraq.
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 the Iraq.
Track the latest regulatory changes, and expected changes impacting the Iraqi 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.

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 Social security system
2.4.2 Motor third-party liability (bodily injury) insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 The Iraqi Insurance IID
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 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 the Publisher
3.3 About the Publisher
3.4 The Publisher's Services
3.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Iraq - Insurance Regulatory Framework Key Features
Table 3: Iraq - Life Insurance Regulatory Framework
Table 4: Iraq - Property Insurance Regulatory Framework
Table 5: Iraq- Motor Insurance Regulatory Framework
Table 6: Iraq - Liability Insurance Regulatory Framework
Table 7: Iraq - Corporate Tax Rates for the Financial Year 2019

List of Figures

Figure 1: Iraq - Insurance Supervision and Control at Various Levels
Figure 2: Iraq - Insurance Regulatory Frameworks for Company Registration and Operation