Governance, Risk and Compliance - The Peruvian 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 Third-party liability insurance for vehicles carrying dangerous goods
2.4.2 Motor third-party liability insurance
2.4.3 Complementary insurance for risky work
2.4.4 Group life insurance for all employees with more than four years' service
2.4.5 Aviation liability insurance
2.4.6 Professional indemnity insurance for insurance and reinsurance brokers, and loss adjusters
2.4.7 Liability insurance for ships with respect to oil pollution
2.4.8 Clinical trials liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Association of Insurance Supervisors Latin America
2.5.3 Superintendent of Bank and Insurance
2.5.4 Peruvian Association of Insurance (LA Asociación Peruana de Empresas de Seguros - Apeseg)
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 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 Access to court
2.9.3 Alternative dispute resolution
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: Peru - Insurance Regulatory Framework Key Features
Table 3: Peru - Life Insurance Regulatory Framework
Table 4: Peru - Property Insurance Regulatory Framework
Table 5: Peru - Motor Insurance Regulatory Framework
Table 6: Peru - Liability Insurance Regulatory Framework
Table 7: Peru - Minimum Cover Limit for Aviation Third-Party Liability Insurance
Table 8: Peru - Maximum Cover for Professional Indemnity Insurance for Insurance Brokers
Table 9: Peru - Investment Limits by Types of Assets
Table 10: Peru - Corporate Tax Rates for the Financial Year 2019

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