Regulatory Alerts2020-01-01
Fit and Proper Requirements for Insurance Companies and Insurance Brokers in Fiji
The Reserve Bank of Fiji issued Insurance Supervision Policy Statement No. 7 to establish minimum fitness and propriety standards for responsible persons in licensed insurance companies and brokers. The policy mandates that directors and senior management demonstrate good character, competence, and financial soundness, requiring institutions to implement internal assessment policies and reporting mechanisms. It grants the Reserve Bank authority to review appointments, direct removals, and impose fines for non-compliance to safeguard policyholder interests and ensure prudent management.
Share