Insurance firms are government-supervised and are required to furnish a bond to guarantee their obligations. Net premiums on life insurance are taxable, and the law requires that a certain proportion of the premiums collected must be invested locally. Workers' compensation and third-party automobile liability are compulsory insurance. The insurance market is regulated by the Superintendent of Insurance of the nation. In relation to the North American and European markets, the Dominican insurance industry has very low penetration and is among the lowest in Latin America, the result of relatively low per capita income and general lack of insurance awareness.