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Libya Insurance Industry - Governance, Risk and Compliance

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  • 45 Pages
  • September 2021
  • Region: Libya
  • GlobalData
  • ID: 5187170
The publisher's ‘Libya Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in Libya

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 publisher'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.

Key Highlights

  • The insurance industry of Libya is regulated by the Insurance Department of General People's Committee for Economy, Trade and Investment
  • Up to 49% FDI is permitted in the Libyan insurance industry
  • Composite insurance is not permitted in Libya
  • Motor third-party liability insurance and health insurance are the key compulsory classes of insurance
  • Non-admitted insurance is permitted with a few exceptions

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Libya, including:
  • An overview of the insurance regulatory framework in Libya
  • 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


  • The report covers details of the insurance regulatory framework in Libya
  • 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 Libya
  • Track the latest regulatory changes, and expected changes impacting the Libyan 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
  • Legislation
  • Compulsory Insurance
  • Non-Admitted Insurance Regulations
  • Company Registration and Operation
  • License
  • Foreign Direct Investment/Ownership
  • Minimum Capital Requirements
  • Solvency Margins
  • Reserve Requirements
  • Statutory Return Requirements
  • Fee Structure
  • Taxation
  • Tax on Insurance Premium
  • Corporate Income Tax
  • Corporate Capital Gains Tax
  • Value Added Tax
  • Legal System
  • Policy Practice
  • About the Publisher
  • Contact the Publisher

List of Tables
  • Libya - Corporate Tax Rates for the Financial Year 2021