Governance, Risk and Compliance – The Yemeni Insurance Industry

Date: 2015-11

“• The Ministry of Industry and Trade, the regulatory authority, is responsible for the protection of consumer interests and the development of the insurance industry.

• Foreign direct investment in a Yemeni insurance company is allowed up to a maximum of 49%. However, foreign reinsurers can open branches in Yemen by obtaining a license from the Ministry of Industry and Trade.

• The government of Yemen is planning to introduce the Social Health Insurance Law in the country, which will make health insurance mandatory for government employees.

• Non-admitted insurance is not permitted in Yemen.

• Insurance companies operating in Yemen are not subject to solvency requirement.”

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