Niger Insurance Industry – Governance, Risk and Compliance
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Niger Insurance Industry Regulation Overview
The Direction du Contrôle des Assurances (DCA) regulates the Niger insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS) and the Commission Regional des Assurances (CRCA).
The Niger insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Direction du Contrôle des Assurances (DCA)
· International Association of Insurance Supervisors (IAIS) · Commission Regional des Assurances (CRCA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Niger Insurance Industry – Key Regulators and Legislation
Direction du Contrôle des Assurances (DCA): The Insurance Control Directorate (DCA) is set under the General Directorate of Financial Operations and Reforms which is administered by the Ministry of Finance. A few of the key responsibilities of the DCA include the implementation of the National Insurance Policy, the development of insurance laws and regulations, and ensuring the protection of consumer interests as well as the administration of risk assessment.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The law regulating the Niger insurance industry is:
- CIMA Code
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Niger Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Niger insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in Niger
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Niger Insurance Industry - Company Registration and Operation
A license is required to operate in the Niger insurance industry. Insurers can obtain a license from the DCA to carry out business in Niger and if the headquarters of reinsurers are not situated in a CIMA country, then they also need to obtain a license. Additionally, intermediaries are required to obtain authorization from the DCA to mediate insurance products in the country. Moreover, foreign insurers are permitted to operate insurance or reinsurance business in Niger if they comply with the provisions of the CIMA Code.
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Niger Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Niger. 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 its registered office or center of activity is in Niger. Corporate income tax is imposed on the net profits of the resident company. The taxable profit is determined after deducting allowable expenses and charges. Both resident and non-resident companies are subject to tax on their income sourced from Niger.
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Scope
This report provides:
- Details of the insurance regulatory framework in Niger.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Nigerien insurance industry is regulated by the CRCA at the regional level and by the DA at the national level.
- Composite insurance is not permitted in Niger.
- Insurance companies from CIMA member states are permitted to operate in Niger without a license.
- Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
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 Niger.
- Track the latest regulatory changes and expected changes impacting the Nigerian 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 on various types of insurance products.
Table of Contents
Table
Frequently asked questions
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Which is the key regulator of the Niger insurance industry?
The Direction du Contrôle des Assurances (DCA) is the key regulator of the Niger insurance industry.
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Which other bodies oversee the Niger insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Commission Regional des Assurances (CRCA) are the regulatory and supervisory bodies that oversee the operations of the Niger insurance industry.
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Which are the compulsory insurances required within the Niger insurance industry?
A few of the compulsory insurances required within the Niger insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What types of taxes are imposed upon the Niger insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Niger. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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