Governance, Risk and Compliance - The Macau 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 Employees' compensation insurance
2.4.3 Professional liability insurance in relation to the fixing of propaganda and publicity material
2.4.4 Professional liability insurance for lawyers
2.4.5 Professional liability insurance for travel agents
2.4.6 Third party liability insurance for pleasure boat
2.4.7 Professional liability insurance for healthcare providers
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Monetary Authority of Macau
2.5.3 Macau Insurers' Association
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 (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
Table 2: Macau - Insurance Regulatory Framework Key Features
Table 3: Macau - Minimum Credit Rating For Forting (Re)Insurance Companies
Table 4: Macau - Life Insurance Regulatory Framework
Table 5: Macau - Property Insurance Regulatory Framework
Table 6: Macau - Motor Insurance Regulatory Framework
Table 7: Macau - No-Claims Discount
Table 8: Macau - Liability Insurance Regulatory Framework
Table 9: Macau - Maximum Liability of Aircraft Operators for Third-party Damages
Table 10: Macau - Liability Limits for Motor Third-Party Liability Insurance
Table 11: Macau - Limits for Employees' Compensation Insurance
Table 12: Macau - Annual Premium Rates
Table 13: Macau - Premium Discount Rates
Table 14: Macau - Surcharge on Annual Premium Rates
Table 15: Macau - Minimum Liability Limits for Compulsory Insurance Covering Medical Professional
Table 16: Macau - Minimum Liability Limits for Compulsory Insurance Covering Medical Service Providers (Establishments)
Table 17: Macau - Rating Tariff and Deductible Limits for Professional Liability Insurance for Healthcare Professionals
Table 18: Macau - Premium Refund in case of Policy Termination
Table 19: Macau - Capital Requirement of Macanese Insurers and Reinsurers
Table 20: Macau - Margin of Solvency for Non-Life Insurers
Table 21: Macau - Margin of Solvency for Non-Life Reinsurers
Table 22: Macau - Investment Regulations for Insurers and Reinsurers
Table 23: Macau - Assets Guaranteeing Technical Reserves
Table 24: Macau - Credit Rating Requirements of the Debt Securities
Table 25: Macau - Annual Registration Fees for Insurance Intermediaries
Table 26: Macau - Corporate Income Tax Rates 2019
Table 27: Macau - Other Corporate Taxes

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