Liechtenstein Insurance Industry – Governance, Risk and Compliance
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Liechtenstein Insurance Industry Regulation Overview
The insurance industry in Liechtenstein is regulated by the Financial Market Authority (FMA). The other body that oversees the market are the International Association of Insurance Supervisors (IAIS) and the European Insurance and Occupational Pensions Authority (EIOPA).
The Liechtenstein 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.
Key Regulators | · Financial Market Authority (FMA)
· International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Liability Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Liechtenstein Insurance Industry – Key Regulators and Legislation
Financial Market Authority (FMA): The FMA, took over the task of supervision of the Liechtenstein insurance industry in 2005 and is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. It functions under the guidelines stipulated in the ISA of 2015 and its subsidiary legislation, the Insurance Supervision Ordinance of 2015. The primary responsibilities of the FMA in the insurance industry include regulating and supervising the conduct of the insurance services industry in Liechtenstein and protecting the consumers or holders of insurance contracts.
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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Liechtenstein Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Liechtenstein insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Liability Insurance
Liechtenstein Insurance Industry Analysis by Compulsory Insurances
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Liechtenstein Insurance Industry - Company Registration and Operation
Insurers are required to obtain a license to operate in the country. According to Article 11 of the ISA, an intending insurer or reinsurer should apply to obtain a license from the FMA to conduct insurance business in Liechtenstein. According to Article 1 of the Insurance Mediation Regulations 2006, an insurance intermediary intending to operate in Liechtenstein should apply for registration with the FMA.
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Liechtenstein Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Liechtenstein. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Any company registered in the country is considered a resident company. Resident companies are subject to tax on their worldwide income (profits obtained from foreign branches and foreign immovable property are exempt). The non-resident companies on the other hand are taxed only on income sourced from Liechtenstein. The standard rate of corporate income tax is 12.5%.
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Scope
This report provides:
- Details of the insurance regulatory framework in Liechtenstein.
- 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 Liechtenstein insurance industry is regulated by the Financial Market Authority.
- Non-admitted insurance is not permitted in the Liechtenstein insurance industry, with a few exceptions.
- 100% FDI is permitted in the Liechtenstein insurance industry.
- Composite insurance is not permitted in Liechtenstein; however, life insurers can operate personal accident and health insurance businesses.
- Solvency II was implemented on January 1, 2016.
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 Liechtenstein.
- Track the latest regulatory changes and expected changes impacting the Liechtenstein 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.
Table of Contents
Table
Frequently asked questions
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Which is the key regulator of the Liechtenstein insurance industry?
The Financial Market Authority (FMA) is the key regulator of the Liechtenstein insurance industry.
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Which other bodies oversee operations in the Liechtenstein insurance industry?
The other body that oversees the market are the International Association of Insurance Supervisors (IAIS) and the European Insurance and Occupational Pensions Authority (EIOPA).
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Which are the compulsory insurances required within the Liechtenstein insurance industry?
Some of the compulsory insurances required within the Liechtenstein insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and liability insurance.
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What are the types of taxes imposed upon the Liechtenstein insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Liechtenstein. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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