Togo Insurance Industry – Governance, Risk and Compliance
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Togo Insurance Industry Regulation Overview
The insurance industry in Togo is regulated by the Direction Nationale des Assurances (DNA). The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS) and the Regional Insurance Control Commission among others.
The Togo 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 Nationale des Assurances (DNA)
· International Association of Insurance Supervisors (IAIS) · Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances–CRCA) |
Compulsory Insurances | · Professional Indemnity Insurance
· Marine Liability Insurance · Social Security Insurance · Motor Third-party Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Togo Insurance Industry – Key Regulators and Legislation
Direction Nationale des Assurances (DNA): The DNA works under the Ministry of Economy, Finance and Privatization. It is responsible for monitoring and developing the state policy in the field of insurance in Togo. The powers and responsibilities of the DCA are prescribed under Annex II of the CIMA Treaty. Its main responsibilities include making proposals to the government to improve the national insurance industry and monitor the implementation of rules related to insurance among others.
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.
Buy the Full Report for More Insights into the Key Regulators in the Insurance Industry of Togo
Togo Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Togo insurance industry are:
- Professional Indemnity Insurance
- Marine Liability Insurance
- Social Security Insurance
- Motor Third-party Liability insurance
Togo Insurance Industry Analysis by Compulsory Insurances
Buy the Full Report for More Insights into Compulsory Insurance in the Togo Insurance Industry
Togo Insurance Industry - Company Registration and Operation
Article 326 of the CIMA Code states that companies intending to operate life and non-life insurance and reinsurance businesses in Togo can start their operations after obtaining a license from the DNA. It is also mandatory for foreign insurers to obtain a license to operate in any of the CIMA member states. Similarly, Article 530 of the CIMA Code stipulates that intermediaries are required to obtain authorization from the DNA to mediate insurance products in the country.
Buy the Full Report to Learn More about Company Registration and Operation in the Togo Insurance Industry
Togo Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Togo. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: A company is considered a resident if it is incorporated in Togo. Resident companies are taxed on their worldwide income, while non-residents are taxed on the income sourced from Togo. In addition to corporate income tax, a withholding tax of 13% is also imposed on the branches of foreign companies.
Buy the Full Report to Know More about the Taxation Policies in the Togo Insurance Industry
Scope
This report provides:
- Details of the insurance regulatory framework in Togo.
- 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 on the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Togolese insurance industry is regulated by the CRCA at the regional level and by the DNA 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 Togo without a license.
- 100% FDI is permitted in the Togolese insurance industry.
- Composite insurance is not permitted in Togo.
Reasons to Buy
- Insights into the insurance regulatory framework in Togo.
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the Togo 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 on various types of insurance products.
Table of Contents
Table
Frequently asked questions
-
Which is the key regulator of the Togo insurance industry?
The Direction Nationale des Assurances (DNA) is the key regulator of the Togo insurance industry.
-
Which are the other bodies that oversee operations in the Togo insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Regional Insurance Control Commission among others oversee the Togo insurance industry.
-
Which are the compulsory insurances required within the Togo insurance industry?
Some of the compulsory insurances required within the Togo insurance industry are professional indemnity insurance, marine liability insurance, motor third-party liability insurance, and social security insurance among others.
-
What are the types of taxes imposed upon the Togo insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Togo. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.