Democratic Republic of Congo Insurance Industry – Governance, Risk, and Compliance

Democratic Republic of Congo Insurance Industry Regulation Overview

The insurance industry in the Democratic Republic of Congo (DRC) is supervised by the Autorité de Régulation et de Contrssôle des Assurances (ARCA) as the key regulator along with the African Insurance Organization (AIO), and Insurance Advisory Council (IAC) overseeing the insurance industry in the DRC.

The Democratic Republic of Congo insurance industry governance regulation report provides a 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 also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Democratic Republic of Congo Insurance Industry – Key Regulators and Legislation

Autorité de Régulation et de Contrssôle des Assurances (ARCA): The ARCA is the body responsible for regulating the insurance industry. It has all the powers necessary to execute the requirements specified by the Insurance Code 2015. It ensures the protection of the rights of insured persons and beneficiaries of insurance contracts, as well as the soundness of the financial insurance and reinsurance undertakings and their ability to honor their commitments.

African Insurance Organization (AIO): The insurance industry is regionally regulated by the AIO, which was established in 1972. AIO is a non-government organization recognized by many African governments. It has 287 members from 50 countries in Africa and associated international members from five countries. The AIO was to promote inter-African cooperation and develop a healthy insurance and reinsurance industry in Africa. There are several bodies established by the AIO under its umbrellas: the African Reinsurance Forum, the Association of African Insurance Supervisory Authorities, and the Association of African Insurance Educators and Trainers.

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Democratic Republic of Congo Insurance Industry - Compulsory Insurance

Some of the key compulsory insurances required within the Democratic Republic of Congo insurance industry are:

• Motor Third-Party Liability Insurance
• Aviation Liability Insurance
• Marine Liability Insurance
• Professional Indemnity Insurance
• Social Security Insurance

Democratic Republic of Congo Insurance Industry Analysis by Compulsory Insurances

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Democratic Republic of Congo Insurance Industry - Company Registration and Operation

A license is required to operate in the Democratic Republic of Congo insurance industry. Insurers, reinsurers, and intermediaries are required to be registered and obtain a license from the ARCA to carry out business in DRC. The licensing of domestic insurance companies is governed by ARCA. According to the Code, insurance companies are not permitted to operate in the country unless they are authorized by ARCA. According to Article 406 of the Code, insurance companies are required to submit the application for authorization in five copies.

Insurers must obtain authorization for the acceptance of a special representative meeting the criterion that has been stipulated in the code after fulfilling the conditions of credibility and solvency, as determined by ARCA. The authorization is given only if the deposit amount, equivalent to a portion of the solvency margin relating to risk underwriting, is submitted to ARCA as security.

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Democratic Republic of Congo Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in the Democratic Republic of Congo. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: A company is said to be a resident if it is incorporated in the DRC. Resident companies are taxed on a territorial basis/source basis of taxation and non-resident companies are taxed on their profits generated from the permanent establishments in the Democratic Republic of Congo. Corporate income tax is imposed on both resident and non-resident companies at a rate of 30%.

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Scope

This report provides:

• Details of the insurance regulatory framework in Democratic Republic of Congo
• Details of the rules and regulations governing insurance products and insurance entities
• Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
• Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
• Details of the taxation imposed on insurance products and insurance companies

Key Highlights

• The DRC’s insurance industry is regulated by ARCA.
• The placement of non-admitted insurance is not permitted in the DRC insurance industry.
• 100% FDI is permitted in the DRC insurance industry.
• Composite insurers are not permitted in the DRC.
• Motor third-party liability insurance, workers’ compensation insurance (state scheme), aviation insurance and civil liability insurance for maritime, river, and lake carriers or inland waterways are the key classes of compulsory insurance in the DRC.

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 the Democratic Republic of Congo.
• Track the latest regulatory changes and expected changes impacting the Democratic Republic of Congo insurance industry.
• Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
• Understand key regulations and market practices pertaining to various types of insurance products.