Regulatory Alerts2009-01-01
Insurance Policy Owners Protection Fund Regulations 2009
Issued by the Minister of Finance under the Insurance Act, 2008, these regulations establish a Policy Owner's Protection Fund and its governing Committee to advise the regulatory Authority. The framework mandates licensed general and life insurers to pay annual levies equal to one percent of their gross premium income, due within thirty days of each financial year's commencement. Surplus capital may be invested, while the Authority must maintain audited accounts and submit annual financial statements to the Minister by April 30, with late levy payments subject to a ten percent monthly surcharge.
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