Insurance laws New Caledonia (France)
New Caledonia, as a French overseas territory, adheres to a legal and regulatory framework for insurance that aligns with French laws, with specific adaptations to accommodate local circumstances.
đïž Regulatory Framework
îInsurance in New Caledonia is primarily governed by the French Insurance Code, wit certain provisions adapted to the territory's unique status and needs Key regulatory bodies involved include
Autorité de contrÎle prudentiel et de résolution (ACPR): Oversees the prudential regulation of insurance companies operating in New Caledonia
Autorité des marchés financiers (AMF):Responsible for market conduct supervision, ensuring transparency and fairness in the insurance market
Institut d'Ă©mission d'outre-mer (IEOM):îMonitors the financial stability of institutions in New Caledonia, including those offering insurance products Specific adaptations to the French Insurance Code for New Caledonia are outlined in Chapter II of the French Business Law, which details provisions unique to the territory
đ Key Insurance Regulations
Insurance Premiums Tax (IPT) A 7% tax is levied on insurance premiums paid for risks insured in New Caledonia. Exemptions apply to life insurance and reinsurance contracts î
Health Insurance Residents contribute to the Caisse de Protection Sociale de Nouvelle-Calédonie (CPS), which covers part of medical expenses. Supplementary health insurance is recommended due to higher costs for certain treatments and medications
Travel Insurance Travelers to New Caledonia are often required to have appropriate insurance coverage. For instance, cruise lines may refuse entry to passengers without valid travel insurance, emphasizing the importance of adequate coverage
đą Local Insurance Provider
Several insurance companies operate in New Caledonia, offering a range of producs:
*Poe-MA: Provides various insurance services, including coverage for motor vehicles, homes, and boats, with offices in Nouméa and Dumbea-Koutio
*Generali and Allianz :Major international insurers with a significant presence in New Caledonia, offering comprehensive insurance solutios.
â ïž Recent Challenge
The insurance landscape in New Caledonia has faced challenges, particularly following periods of civil unret Insurers have reported increased claims and have sought reimbursement from the French state for damages incurred during such events This situation has raised concerns about the sustainability of insurance coverage in the territoy.
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