Governance, Risk and Compliance - The Fijian Insurance Industry

Table of Contents
1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2 Definitions 6
2 GOVERNANCE, RISK AND COMPLIANCE 8
2.1 Legislation Overview and Historical Evolution 9
2.2 Latest Changes in Regulation 10
2.3 Legislation and Market Practice by Type of Insurance 12
2.3.1 Life insurance 14
2.3.2 Property insurance 15
2.3.3 Motor insurance 16
2.3.4 Liability insurance 17
2.3.5 Marine, aviation and transit insurance 17
2.3.6 Personal accident and health insurance 18
2.4 Compulsory Insurance 19
2.4.1 Motor vehicle accident compensation scheme 19
2.4.2 Workmen's compensation insurance 20
2.4.3 Professional indemnity insurance and fidelity guarantee scheme for insurance brokers 21
2.4.4 Liability insurance for ships with respect to oil pollution 21
2.5 Supervision and Control 23
2.5.1 Reserve Bank of Fiji 23
2.6 Non-Admitted Insurance Regulations 24
2.6.1 Overview 24
2.6.2 Intermediaries 25
2.6.3 Market practices 25
2.6.4 Fines and Penalties 25
2.7 Company Registration and Operations 27
2.7.1 Type of insurance organization 28
2.7.2 Establishing a local company 28
2.7.3 Foreign ownership 29
2.7.4 Types of license 29
2.7.5 Capital requirements 30
2.7.6 Solvency margin 30
2.7.7 Reserve requirements 31
2.7.8 Investment regulations 31
2.7.9 Statutory return requirements 32
2.7.10 Fee structure 32
2.8 Taxation 33
2.8.1 Insurance premium or policy taxation 33
2.8.2 Withholding taxes on premium paid overseas 33
2.8.3 Corporate tax 33
2.8.4 VAT 34
2.8.5 Captives 34
2.9 Legal System 35
2.9.1 Introduction 35
2.9.2 Access to court 35
2.9.3 Alternative dispute resolution 36
3 APPENDIX 37
3.1 Methodology 37
3.2 Contact GlobalData 37
3.3 About GlobalData 38
3.4 GlobalData's Services 39
3.5 Disclaimer 40

List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Fiji - Insurance Regulatory Framework Key Features 8
Table 3: Fiji - Life Insurance Regulatory Framework 14
Table 4: Fiji - Property Insurance Regulatory Framework 15
Table 5: Fiji- Motor Insurance Regulatory Framework 16
Table 6: Fiji - Liability Insurance Regulatory Framework 17
Table 7: Fiji- Motor Vehicle Accident Levy 20
Table 8: Fiji - Corporate Tax Rates for the Financial Year 2018 34

List of Figures
Figure 1: Fiji - Insurance Regulatory Frameworks for Company Registration and Operation 27