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Governance, Risk and Compliance - The Botswanan Insurance Industry
Publication Date Mar 2017
Product Type Report
Pages 41
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The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Botswana, including:

• An overview of the insurance regulatory framework in Botswana.

• 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 Botswana.

• 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.

Scope
• The report covers details of the insurance regulatory framework in Botswana.

• The report contains details of the rules and regulations governing insurance products and entities.

• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.

• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and companies.

Reasons to Buy
• Gain insights into the insurance regulatory framework in Botswana.

• Track the latest regulatory changes, and expected changes impacting the Botswanan 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.

Key Highlights
• The Botswanan insurance industry is regulated by the Non-Bank Financial Institutions Regulatory Authority.

• Motor third-party liability, aviation and professional indemnity are all mandatory insurance classes of insurance in Botswana.

• Composite insurance is not permitted in Botswana. However, life insurance companies are permitted to operate in accident and health insurance business.

• 100% foreign direct investment is permitted in the Botswanan insurance industry.

• Non-admitted insurance is prohibited. However, risks not covered by local insurers can be insured by unauthorized insurers.

1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Workers’ compensation
2.4.2 Motor third-party liability insurance
2.4.3 Professional indemnity insurance
2.4.4 Aviation liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Non-Bank Financial Institutions Regulatory Authority
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Botswana– Insurance Regulatory Framework Key Features
Table 3: Botswana – Life Insurance Regulatory Framework
Table 4: Botswana – Property Insurance Regulatory Framework
Table 5: Botswana– Motor Insurance Regulatory Framework
Table 6: Botswana – Liability Insurance Regulatory Framework
Table 7: Botswana – Corporate Tax Rates for the Financial Year 2017

List of Figures
Figure 1: Botswana – Insurance Supervision and Control at Various Levels
Figure 2: Botswana – Insurance Regulatory Frameworks for Company Registration and Operation

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