Regulatory Alerts2020-01-01
Solvency Requirements for Insurers Licensed to Conduct General Insurance Business in Fiji
The Reserve Bank of Fiji issued Insurance Supervision Policy Statement No: 3B to establish minimum solvency standards for general insurers licensed under the Insurance Act 1998. The regulation mandates that insurers maintain a surplus of assets over liabilities calculated as the greatest of $1,000,000, 20% of net premium income, or 15% of net claims outstanding. It further details specific rules for asset valuation, exclusions for certain loans and intangibles, and liability calculations to ensure policyholder protection and financial stability.
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