Regulatory Alerts2024-01-01
Insurance (Minimum Capital and Solvency Requirements for Life Insurers) (Amendment) Directive 2024
The Registrar of Financial Institutions in Malawi has issued an amendment directive to update the 2017 regulatory framework for life insurers. The instrument revises the enactment formula to align with section 79(3) of the Insurance Act and inserts a new paragraph granting the Registrar discretionary authority to exempt life insurers, wholly or partly, from Part IV compliance requirements. This exemption power operates under terms and conditions determined by the Registrar, providing targeted regulatory flexibility for life insurance entities.
313 The Malawi Gazette Supplement, dated 6th September, 2024, containing Regulations, Rules, etc. (No. 25A)
GOVERNMENT NOTICE NO. 57
INSURANCE ACT (CAP 47:01)
INSURANCE (MINIMUM CAPITAL ADEQUACY AND SOLVENCY REQUIREMENTS FOR LIFE INSURERS) (AMENDMENT) DIRECTIVE, 2024
IN EXERCISE of the powers conferred by section 79(3) of the Insurance Act, I, DR. WILSON TONINGA BANDA, Registrar of Financial Institutions, make the following Directive—
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This Directive may be cited as Insurance (Minimum Capital and Citation Solvency Requirements for Life Insurers) (Amendment) Directive, 2024.
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The Insurance (Minimum Capital and Solvency Requirements for Amendment Life Insurers) Directive (herein after referred to as the “principal Directive”) of the is amended, in the enactment formula, by deleting the words “section 13” and enactment substituting therefor, the words “section 79 (3)”. formula to G.N.41/2017
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The principal Directive is amended, by inserting, immediately after Insertion of paragraph 13, a new paragraph 13A, as follows— para. 13A into the principal “Insertion of 13A. The Registrar may, in writing, exempt a life Directive para. 13A into insurer, wholly or partly, from complying with requirements the principal prescribed under Part IV, subject to such terms and conditions as Directive the Registrar may determine.”.
Made this 2nd day of August, 2024.
(REF. NO. FIN/PFSD/02/03) Dr. W. T. BANDA Registrar of Financial Institutions