Governance, Risk and Compliance - The Bolivian Insurance Industry

Governance, Risk and Compliance - The Bolivian Insurance Industry

  • February 2019 •
  • 47 pages •
  • Report ID: 3349451
Governance, Risk and Compliance - The Bolivian Insurance Industry

Summary
The Autoridad de Fiscalización y Control de Pensiones y Seguros (APS) is the government authority responsible for the supervision and regulation of the insurance industry in Bolivia. The Insurance Law of 1998, Supreme Decree 25,201 of 1998 and the Code of Commerce of 1977 regulate and govern insurance and reinsurance operations in the country.

The Insurance Law was enacted as Law No. 1883 on June 25, 1998, while the Code of Commerce 1977 was introduced as the Law No. 14,379 on February 25, 1977. The subsidiary legislation, Supreme Decree 25,201 issued on October 16, 1998, pursuant to the Insurance Law, stipulates the detailed regulations for the supervision of insurance activities.

The report "Governance, Risk and Compliance - The Bolivian Insurance Industry", report is the result of extensive research into the insurance regulatory framework in the Bolivia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country.

The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also includes the scope of non-admitted insurance in the country.

Key Highlights
- The Bolivian insurance industry is regulated by the Autoridad de Fiscalización y Control de Pensiones y Seguros.
- 100% FDI is permitted in the Bolivian insurance industry.
- Composite insurance is not permitted in Bolivia.
- Non-admitted insurance is prohibited in Bolivia.
- Key classes of compulsory insurance include compulsory traffic accident insurance and professional indemnity insurance for insurance brokers.

Scope
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Bolivia, including -
- An overview of the insurance regulatory framework in the Bolivia.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and Regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Bolivia.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.

Reasons to buy
- Gain insights into the insurance regulatory framework in the Bolivia.
- Track the latest regulatory changes, and expected changes impacting the Bolivian 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 pertaining to various types of insurance product.
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