Table of Contents 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 Regulations 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 Motor third-party liability insurance 2.4.2 Professional indemnity insurance for doctors 2.4.3 Professional indemnity insurance for lawyers 2.4.4 Civil liability insurance for operators of commercial buildings against fire or explosion 2.4.5 Insurance for administrative buildings against fire or explosion 2.5 Supervision and Control 2.5.1 The African Insurance Organization (AIO) 2.5.2 Agency of Regulation and Insurance Supervision (ARCA) 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 Types 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 margins 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 Alternative dispute resolution (ADR) 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: Burundi – Life Insurance Regulatory Framework Table 3: Burundi – Property Insurance Regulatory Framework Table 4: Burundi – Motor Insurance Regulatory Framework Table 5: Burundi – Liability Insurance Regulatory Framework Table 6: Burundi – Corporate Tax Rates for the Financial Year 2015 List of Figures
Figure 1: Burundi – Insurance Regulatory Framework Figure 2: Burundi – Insurance Supervision and Control at Various Levels Figure 3: Burundi – Insurance Regulatory Frameworks for Company Registration and Operation
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