Regulatory Alerts2020-03-22
Insurance Act 1998
The Parliament of the Fiji Islands enacted this legislation to regulate the insurance business and establish the Reserve Bank of Fiji as the primary supervisory authority. The Act mandates licensing for all insurers and intermediaries, imposing strict capital, solvency, and conduct requirements to ensure market stability and consumer protection. It further defines the legal liabilities of insurers for agent conduct, outlines detailed accounting and audit obligations, and provides the Reserve Bank with powers to investigate, control, or wind up non-compliant entities.
Share