Liberalisation of International Insurance Operations : Cross-border Trade and Establishment of Foreign Branches

This Publication Provides A Unique Overview And Analysis Of The Main Measures And Practices Which Affect International Insurance Operations In Oecd Countries. The Survey Focuses In Particular On Main Insurance Fields Where Obstacles To A Full Liberalisation May Still Exist, I.e. Cross-border Trade And Establishment Of Foreign Branches. This Is The First Time Since 1983 That Such A Work Is Undertaken By The Oecd. This Study Will Certainly Contribute To Further Liberalisation Of Insurance Markets In Oecd Countries And Will Provide An Indispensable Reference Tool For Any Person Involved In Issues Related To Trade In Insurance. Introduction -- Summary -- Selected Comparative Tables -- Part I. Identification And Analysis Of Measures Related To International Insurance Operations -- General Issues And Cross-border Trade -- I. General Issues -- Supervised Classes Of Direct Insurance -- Classes Of Direct Insurance Operated By The State -- Domestic Retention/compulsory Cessions And Pools -- Ii. Restrictions Concerning The Placing Of Contracts -- Admissibility Of Cross-border Transactions -- Insurance Intermediation -- Group Insurance And Compulsory Insurance -- Restriction On Volume Of Business -- International Co-insurance -- Iii. Other Conditions Applying To Transactions -- Contract Law -- Domestic Regulations Of A General Nature -- Jurisdiction Of Civil Court -- Premium Tax, Stamp Duty Or Other Charges -- Fiscal Treatment -- Foreign Currency -- Foreign Exchange Control -- Underwriting Association -- Deposits With Direct Insurers By Foreign Reinsurers -- Resident Accounts By Foreign Reinsurers -- Part Ii. Identification And Analysis Of Measures Related To International Insurance Operations -- Conditions Of Establishment Of Branches Or Agencies Of Foreign Insurers -- I. Admissibility Of Establishment Of Branches Or Agencies Of Foreign Insurers -- Ii. Administrative And Procedural Aspects Of Licensing -- Supervisory Authority Responsible For Licensing -- Pre-application Procedures -- Licensing Requirements -- Iii. Other Issues On Licensing -- Market Needs Test -- Domestication -- Refusals Of Applications -- Time-lags Between Lodging Of Applications And Decisions By The Authorities -- Appeals Procedures -- Compulsory Classes Of Insurance -- Iv. Valuation, Localisation And Lodging Of Assets -- Valuation Of Assets -- Localisation Of Assets -- Lodging Of Assets -- V. Transfers -- Vi. Staff -- Work Permit -- General Agent -- Language Capability -- Vii. Underwriting Associations -- Viii. Taxation -- Ix. Government Procurement -- Annex Comparative Tables Organisation For Economic Co-operation And Development = Libéraliser Les Opérations Internationales D'assurance : Les échanges Transfrontières Et L'établissement De Succursales étrangères / Organisation De Coopération Et De Développement économiques