Norwich Union Marine
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Restrictive Legislation

Restrictive Measures

  1. Forbidden for the seller to insured exports abroad
  2. Forbidden for the buyer to insure imports abroad
  3. Forbidden for the seller to export on a FOB basis
  4. Forbidden for the buyer to import on a CIF basis
  5. Special taxes and extra charges
  6. Currency restrictions

View Restrictive Measures:

Country >Restrictions WTO Membership MAT Cross border & consumption Commitments under GATS Domestic Insurance law
Malaysia 5 Member Unbound Recommendation of the National Economic Recovery Plan
Remarks There is no restriction to insurance marine cargo abroad. However the Malaysian Government provides tax incentive on premium incurred for both imported and exported cargo insured with insurers licensed in Malaysia. Despite this double tax deduction, many imports are purchased CIF.
Mali 2,4 Member No schedule of specific commitments Law No. 93/40 of July 1993
No enforcement decree yet
Code CIMA, Art 278
Remarks Dispensations are possible for food aid and equipment intended to develop domestic industry and economy.
Mauritania 1,2,3,4 Member No schedule of specific commitments Ordinance No.80-020 of January 25,1980
Decree No.80-120- of June 9 1980
Remarks Local insurance of goods exceeding 2000 euros imported to or exported from Mauritania is compulsory. Infringement to the law is subject to a fine 50% of the insured value. On the other hand, reliable cover is more and more difficult to find in this country.
Morocco 2,4 Member Unbound Ordinance No.80-020 of January 25 1980
Decree No. 80-120 of June 9 1980
Dahir No.1-02-238 of 3 October 2002
Remarks Local insurance of imported goods is compulsory except for turnkey contracts, oil products, forest products, engineering products and when goods are financed outside Morocco for cross border consumption. Then goods can be purchased on a CIF basis.
Niger 2,4 Member No schedule of specific commitments Ordinance No.85-15 of May 23 1985
Decree No.85-52 of May 23 1985
Code CIMA Art 278
Remarks Imported goods of a FOB value equal to or exceeding USD 2000 must be insured locally when carried by air and USD 10 000 when carried by sea or by land. Production of a certificate of insurance required for customs clearance.
Nigeria 2,4 Member Unbound. All government properties are to be insured with the National Insurance Corporation of Nigeria. Insurance Act no.1 of 2003
Remarks As under the former laws of 1976 and 1997, the new legislation requires that all imports into the country be insured locally with a locally registered company. It seems that this requirement will be more actively enforced than in the past.
Oman 1,2,3,4 Member The Omani government has indicated it will open its market by 2005 following its membership to the WTO. Law of October 1, 1979
Remarks Imported and exported goods purchased under letter of credit must be insured locally. Project cargo and goods which are not covered by L/C are insured abroad. Fronting arrangements are common for project cargo.
Pakistan 2,4 Member Unbound Pakistan Insurance Corporation Act No.37 of May 8 1952
Export Credit Guarantee Insurance Scheme rules of 1962
National Insurance Company Act of 1976
Remarks All imported goods must be insured locally with insurance companies registered to operate in Pakistan. However some importers such as those of heavy pieces of machinery may effect cover limited to total loss of vessel and arrange for all risks cover to be placed by shipper and included in the invoice cost so that replacement is easier in the event of any loss. Legal proceedings are taken against any resident found to have breached the terms of the law. Special dispensation may be granted when there is no sufficient capacity in the market.
Papua / New Guinea 1,3 Member No schedule of specific commitments Insurance Act of 1995 and supplementary regulations
Remarks All exports ought to be insured in PNG although in practice this is not always the case. The insurance of imports depends on the terms of trade. Any infringement to the law is liable to a fine not exceeding USD 12 820 or an amount equivalent to the gross annual premium in respect of the risk effected abroad, whichever is the higher. Exemption may be granted when the existing facilities in the local market and available capacity of licensed insurers are fully utilised.
Rwanda 1,2,3,4 Member No schedule of specific commitments Law of 28 October 1977
Remarks -