Regulatory Alerts2018-01-01
Insurance (Amendment) Act, 2018
President Danny Faure and the National Assembly issued this legislation to amend the Insurance Act (Cap 98) by repealing section 122 and the Second Schedule. The repealed provisions continue to apply until June 30, 2021 for persons licensed in non-domestic insurance business before October 16, 2017. These licensees may opt out of the transitional application by submitting written notice to the regulatory Authority.
[20th December 2018] Supplement to Official Gazette 217
[Coat of Arms]
INSURANCE (AMENDMENT) ACT, 2018
(Act 20 of 2018)
I assent
[Signature]
Danny Faure President
19th December, 2018
AN ACT to amend the Insurance Act (Cap 98).
ENACTED by the President and the National Assembly.
1. This Act may be cited as Insurance (Amendment) Act, 2018 and shall come into operation on 1st January, 2019.
Short title and commencement
218 Supplement to Official Gazette [20th December 2018]
Amendment of Cap 98
2. The Insurance Act is hereby amended as follows—
(a) by repealing section 122;
(b) by repealing the Second Schedule.
3.(1) Notwithstanding the repeal of section 122 and the Second Schedule, the provisions of section 122 and the Second Schedule shall continue to apply until 30th June, 2021 to a person licensed to conduct and engage in non-domestic insurance business on or before 16th October, 2017.
(2) A licensed person specified under subsection (1) may, by notifying the Authority in writing, opt out from the application of that subsection.
I certify that this is a correct copy of the Bill which was passed by the National Assembly on 6th December, 2018.
[Signature]
Mrs. Tania Isaac Deputy Clerk to the National Assembly