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Restrictive Legislation
Restrictive Measures
- Forbidden for the seller to insured exports abroad
- Forbidden for the buyer to insure imports abroad
- Forbidden for the seller to export on a FOB basis
- Forbidden for the buyer to import on a CIF basis
- Special taxes and extra charges
- 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 | - | |||||
