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Governance, Risk and Compliance - The Lesotho Insurance Industry

  • ID: 3337379
  • Report
  • Region: Lesotho
  • 39 pages
  • GlobalData
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Governance, Risk and Compliance - The Lesotho Insurance Industry

Summary

The Lesotho insurance industry is supervised and regulated by the Central Bank of Lesotho (CBL), established in 2000. Its key role is to promote the country’s financial industry. It functions as a public agency, with autonomous powers and a separate budget. The agency’s competence rights, obligations and rights are stipulated in the Insurance Act 2014, which regulates the functioning of insurers and insurance intermediaries in the country.

Key Takeaways
  • CBL regulates the Lesotho insurance industry
  • Insurance premium tax is not imposed on insurance products and services in Lesotho
  • Composite insurance is permitted in the Lesotho insurance industry
  • Motor third-party liability insurance and professional indemnity insurance for insurance brokers is compulsory in Lesotho
  • Non-admitted insurance is not permitted in the Lesotho insurance industry
The report "Governance, Risk and Compliance - The Lesotho Insurance Industry" is the result of extensive research into the insurance regulatory framework in Lesotho. 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. Including -
  • An overview of the insurance regulatory framework in Lesotho
  • 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 Lesotho
  • 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 Lesotho.
  • 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 Lesotho.
  • Track the latest regulatory changes, and expected changes impacting the Lesotho 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.
Note: Product cover images may vary from those shown
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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 Motor third-party liability insurance
2.4.2 Professional indemnity insurance for insurance brokers
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Central Bank of Lesotho
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

3 APPENDIX
3.1 Methodology
3.2 Contact
3.3 About
3.4 Services
3.5 Disclaimer

List of Tables
  • Table 1: Insurance Industry Definitions
  • Table 2: Lesotho - Insurance Regulatory Framework Key Features
  • Table 3: Lesotho - Life Insurance Regulatory Framework
  • Table 4: Lesotho - Property Insurance Regulatory Framework
  • Table 5: Lesotho - Motor Insurance Regulatory Framework
  • Table 6: Lesotho - Liability Insurance Regulatory Framework
  • Table 7: Lesotho - Corporate Tax Rates for the Financial Year 2018
List of Figures
  • Figure 1: Lesotho - Insurance Supervision and Control at Various Levels
  • Figure 2: Lesotho - Insurance Regulatory Frameworks for Company Registration and Operation
Note: Product cover images may vary from those shown
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