Suriname Insurance Industry Governance, Risk, and Compliance Report 2023

The “Suriname Insurance Industry – Governance, Risk and Compliance” report, now available on, offers an in-depth analysis of the regulatory landscape governing the insurance sector in Suriname. Covering a wide array of insurance segments including life, property, motor, liability, personal accident and health, as well as marine, aviation, and transit insurance, the report delves into the specific requirements for establishing and operating insurance and reinsurance companies and intermediaries within the country.

Key highlights of the report include:

  1. Regulatory Oversight: The insurance industry in Suriname is supervised and regulated by the Central Bank of Suriname, ensuring compliance with established norms and guidelines.
  2. Foreign Investment: Suriname allows for 100% foreign direct investment in its insurance industry, encouraging international participation and collaboration.
  3. Social Security System: The government of Suriname implemented a social security system in September 2014, aimed at providing comprehensive coverage to citizens.
  4. Non-Admitted Insurance: While non-admitted insurance is generally prohibited in Suriname, exceptions are made for foreign reinsurers operating on a cross-border basis, subject to certain conditions.
  5. Compulsory Classes: Motor third-party liability insurance, health insurance, and workers’ compensation insurance are among the compulsory classes of insurance in Suriname, ensuring broad coverage and protection.

The report provides a thorough examination of the regulatory framework, including details of legislation, supervision and control mechanisms, compulsory insurance requirements, non-admitted insurance regulations, company registration and operation procedures, licensing requirements, foreign direct investment regulations, minimum capital requirements, solvency margins, reserve requirements, statutory return requirements, fee structures, taxation (including taxes on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax), and the legal system governing insurance policies and practices.

With a comprehensive scope covering various aspects of insurance compliance in Suriname, the report offers valuable insights and analytical perspectives, serving as an indispensable resource for insurers, regulatory authorities, policymakers, and other stakeholders interested in understanding and navigating the intricacies of the Surinamese insurance market.

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