Governance, Risk and Compliance – The Cypriot Insurance Industry

Date: 2016-01

“• The Cypriot insurance industry is regulated by Insurance Companies Control Service (ICCS).

• The FDI regime of Cyprus allows up to 100% foreign participation in domestic insurance companies.

• Composite insurance is not permitted in Cyprus.

• Solvency II, which will introduce new risk management standards for insurers, is expected to be implemented in the beginning of 2016

• Employer’s liability insurance and motor third-party liability insurance are key compulsory insurance classes in Cyprus.”

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