Governance, Risk and Compliance - The Turkmen Market Analysis Revealing Key Drivers & Growth Trends through 2022

Market Research Hub (MRH) has recently added a new report to its vast online database. This research study is titled as “Governance, Risk and Compliance” 2017 which presents an in-depth study about the production, consumption, market volume, revenue (million USD) and market share across different geographical regions.il

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The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Turkmenistan, including:

• An overview of the insurance regulatory framework in Turkmenistan.
• The latest key changes and changes expected in the Turkmen insurance regulatory framework.
• Key regulations and market practices related to different types of insurance product in the country.
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Turkmenistan.
• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.
• Details of the tax and legal systems in the country.

Executive summary

Timetric’s 'Governance, Risk and Compliance - The Turkmen Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Turkmenistan. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Scope

• This report covers details of the insurance regulatory framework in Turkmenistan.
• The report contains details of rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the Turkmen insurance regulatory framework.
• The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
• The report provides details of taxation imposed on insurance products and companies.

Reasons to buy

• Gain insights into the insurance regulatory framework in Turkmenistan.
• Track latest regulatory changes and expected changes impacting the Turkmen insurance industry
• Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country
• Understand key regulations and market practices relating to various types of insurance product.

Key highlights

• Ministry of Finance (MOF) is responsible for the development and implementation of insurance activities in Turkmenistan.
• The government of Turkmenistan allows 49% foreign direct investment in the country’s insurance industry.
• Effective from March 1, 2013, ecological insurance was made compulsory for all types of business organizations conducting activities that carry environmental risk.
• Composite insurance is permitted in Turkmenistan.
• Insurance products and services are exempt from VAT.

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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 Trends 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 Personal insurance for accidents and occupational diseases of workers employed in high-risk manufacture
2.4.3 Government insurance for passengers of all types of transportation, flight crews and employees of railway, seaway, inland waterway and automobile transports
2.4.4 Introduction of new ecological insurance
2.5 Supervision and Control
2.5.1 The Ministry of Finance (MOF)
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

Continue….

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