Benin Insurance Industry – Governance, Risk and Compliance

Benin Insurance Industry Regulation Overview

The insurance industry in Benin is supervised by the Direction du Contrôle des Assurances (DCA) along with the International Association of Insurance Supervisors (IAIS), and the Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances – CRCA).

The Benin 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.

Benin Insurance Industry – Key Regulators and Legislation

Direction du Contrôle des Assurances (DCA): The Beninese insurance industry is supervised by the DCA under the Ministry of Economy and Finance. Its main responsibilities are the conception and monitoring of the application of the national rules relating to insurance and the implementation of the supervision of the Minister of Finance on the insurance industry.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents 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.

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Benin Insurance Industry - Compulsory Insurance

Some of the key compulsory insurances required within the Benin insurance industry are:

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

Benin Insurance Industry Analysis by Compulsory Insurances

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Benin Insurance Industry - Company Registration and Operation

A license is required to operate in the Benin insurance industry. Insurers and intermediaries are required to be registered and obtain a license from the DCA to carry out business in Benin. However, Reinsurers are permitted to operate without a license. Provisions pertaining to the application procedure by foreign companies in Benin are stipulated in Article 328–4 of the CIMA Code. The application procedure is different for companies headquartered in CIMA member states and companies from other foreign countries. Any company established in any other CIMA member state is permitted to operate in Benin without any local licensing requirement.

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Benin Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Benin. 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 Benin. Additionally, permanent establishments and branches of non-resident companies are also treated as resident companies. A resident company is taxed on the income sourced from Benin and foreign-sourced capital gains, interest, dividends, and royalties. However, industrial, and commercial benefits sourced from other countries are not taxable. Non-residents are taxed only on the income sourced from Benin. The standard corporate income tax for non-industrial companies is 30%.

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Scope

This report provides:

• Details of the insurance regulatory framework in Benin
• 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 Beninese insurance industry is regulated by the CRCA at the regional level and by the DCA at the national level.
• Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
• Insurance companies from CIMA member states are permitted to operate in Benin without a license.
• Composite insurance is not permitted in Benin.
• 100% FDI is permitted in the Beninese insurance industry.

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 Benin.
• Track the latest regulatory changes and expected changes impacting the Benin 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.