Albany, NY -- (SBWIRE) -- 07/10/2015 -- 'Governance, Risk and Compliance - The Papua New Guinean Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Papua New Guinea. 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 prevailing 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.

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Reasons to buy:

Gain insights into the insurance regulatory framework in Papua New Guinea.
Track latest regulatory changes and expected changes impacting the Papua New Guinean 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.

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Scope:

This report covers details of the insurance regulatory framework in Papua New Guinea.

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 Papua New Guinean 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.

Key highlights:

The Papua New Guinean insurance industry is regulated by the Insurance Commissioner and the Central Bank.

100% FDI is permitted in the Papua New Guinean insurance industry.

Non-admitted insurance is prohibited with a few exceptions.

Composite insurance is not permitted in Papua New Guinea. However, life insurers can carry on personal accident and health insurance business.

Workers' compensation and motor third-party liability insurance are the key compulsory classes of insurance.

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