Regulatory Alerts2014-01-01
Insurance Act 2014
Enacted by the Parliament of Lesotho and administered by the Central Bank Commissioner, this legislation consolidates and regulates all insurance business within the Kingdom. It mandates the registration and licensing of insurers and intermediaries, establishes strict capitalization, solvency, and financial reporting standards, and defines the statutory responsibilities of key employees and actuaries. The Act empowers the Commissioner to conduct inspections, issue directives, and enforce compliance through targeted penalties, thereby ensuring market stability and protecting policyholders from financial loss.
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