This report is the result of extensive primary research into the insurance regulatory framework in Papua New Guinea. It provides detailed analysis of the insurance regulations governing life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance, and specifies the requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report provides insurers, reinsurers, brokers, and investors with authoritative information on prevailing insurance regulations and recent and upcoming changes in the regulatory framework, taxation, and legal system in Papua New Guinea. The scope of non-admitted insurance in the country is also covered.
Key Highlights:
- The Papua New Guinean insurance industry is regulated by the Insurance Commissioner operating under the Bank of Papua New Guinea
- 100% foreign direct investment is permitted subject to regulatory approval
- Non-admitted insurance is prohibited with limited exceptions requiring prior approval from the Insurance Commissioner
- Composite insurance is not permitted -- however life insurers may carry on personal accident and health insurance business
- Workers' compensation and motor third-party liability insurance are the principal compulsory classes of insurance
Scope:
- Insurance regulatory framework including rules governing insurance products and insurance entities
- Key regulatory trends, recent developments, and upcoming changes
- Licensing requirements, permitted FDI, minimum capital, solvency and reserve requirements, and investment regulations
- Taxation imposed on insurance products and insurance companies
- Legal system overview relevant to the insurance industry
Reasons to Buy:
- Gain authoritative insights into the Papua New Guinean insurance regulatory framework
- Track the latest regulatory changes and anticipated developments impacting the market
- Obtain detailed information on regulations governing establishment and operation of insurance entities
- Understand regulations and market practices across all principal classes of insurance
- Support market entry planning, compliance programs, and business development in Papua New Guinea
Table of Contents
1. Executive Summary
1.1 Overview of the Insurance Regulatory Framework
1.2 Key Recent and Upcoming Regulatory Changes
2. Insurance Regulatory Framework
2.1 Insurance Regulatory Bodies
2.2 Insurance Legislation
2.3 Licensing Requirements
2.4 Permitted Foreign Direct Investment
2.5 Minimum Capital Requirements
2.6 Solvency and Reserve Requirements
2.7 Investment Regulations
2.8 Reporting and Enforcement
3. Regulations by Insurance Product
3.1 Life Insurance
3.2 Property Insurance
3.3 Motor Insurance
3.4 Liability Insurance
3.5 Personal Accident and Health Insurance
3.6 Marine, Aviation and Transit Insurance
4. Compulsory Insurance
4.1 Workers' Compensation Insurance
4.2 Motor Third-Party Liability Insurance
5. Non-Admitted Insurance
6. Taxation
6.1 Taxes on Insurance Products
6.2 Taxes on Insurance Companies
7. Legal System
8. Appendix
8.1 Abbreviations and Definitions
8.2 Sources and Methodology
8.3 About LeadingMarketResearch.com
List of Tables
Table 1. Papua New Guinea -- Key Insurance Regulatory Parameters 2025
Table 2. Papua New Guinea -- Insurance Regulatory Bodies and Responsibilities
Table 3. Papua New Guinea -- Key Insurance Legislation and Regulations
Table 4. Papua New Guinea -- Licensing Requirements by Entity Type 2025
Table 5. Papua New Guinea -- Permitted Foreign Direct Investment 2025
Table 6. Papua New Guinea -- Minimum Capital Requirements by Entity Type 2025
Table 7. Papua New Guinea -- Solvency and Reserve Requirements 2025
Table 8. Papua New Guinea -- Permitted Investment Categories for Insurance Funds
Table 9. Papua New Guinea -- Life Insurance Regulatory Requirements and Market Practices
Table 10. Papua New Guinea -- Property Insurance Regulatory Requirements and Market Practices
Table 11. Papua New Guinea -- Motor Insurance Regulatory Requirements and Market Practices
Table 12. Papua New Guinea -- Liability Insurance Regulatory Requirements and Market Practices
Table 13. Papua New Guinea -- Personal Accident and Health Insurance Regulatory Requirements and Market Practices
Table 14. Papua New Guinea -- Marine, Aviation and Transit Insurance Regulatory Requirements and Market Practices
Table 15. Papua New Guinea -- Workers' Compensation Insurance -- Key Parameters 2025
Table 16. Papua New Guinea -- Motor Third-Party Liability Insurance -- Key Parameters 2025
Table 17. Papua New Guinea -- Non-Admitted Insurance -- Scope and Permitted Exceptions 2025
Table 18. Papua New Guinea -- Taxes on Insurance Products 2025
Table 19. Papua New Guinea -- Taxes on Insurance Companies 2025
Table 20. Papua New Guinea -- Recent and Upcoming Regulatory Changes 2023-2025
