Governance, Risk and Compliance – The Lesotho Insurance Industry

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GlobalData’s “Governance, Risk and Compliance – The Lesotho Insurance Industry”, report is the result of extensive research into the insurance regulatory framework in Lesotho.

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 operation of insurance and reinsurance companies and intermediaries.

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

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

  • An overview of the insurance regulatory framework in Lesotho.
  • The latest key changes, and changes expected in the country’s 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 Lesotho.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.

Key Highlights

  • CBL regulates the Lesotho insurance industry.
  • Insurance premium tax is not imposed on insurance products and services in Lesotho.
  • Composite insurance is permitted in the Lesotho insurance industry.
  • Motor third-party liability insurance and professional indemnity insurance for insurance brokers is compulsory in Lesotho.
  • Non-admitted insurance is not permitted in the Lesotho insurance industry.

Scope

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

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