Governance, Risk and Compliance - The Luxembourg Insurance Industry

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 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 Motor third party liability insurance
2.4.2 Social insurance system
2.4.3 Air carriers and aircraft operators liability insurance
2.4.4 Marine liability insurance
2.4.5 Professional indemnity insurance for alternative investment fund managers
2.4.6 Professional indemnity insurance for insurance intermediaries
2.4.7 Liability insurance for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Insurance Commission
2.5.4 Federation of European Risk Management Associations
2.5.5 Association of Insurance Companies and Reinsurance
2.6 Non-Admitted Insurance Regulation
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 (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table2:Luxembourg - Insurance Regulatory Framework Key Features
Table 3:Luxembourg - Life Insurance Regulatory Framework
Table4:Luxembourg - Property Insurance Regulatory Framework
Table5: Luxembourg - Motor Insurance Regulatory Framework
Table6: Luxembourg - Liability Insurance Regulatory Framework
Table 7: Luxembourg - Bonus-Malus System for Motor Insurance
Table 8:Luxembourg - Aviation Liability Insurance Liability Limits
Table9: Luxembourg - Insurance Premium Taxation
Table10: Luxembourg -Corporate Tax Rate for the Financial Year 2018

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