Regulatory Alerts2020-12-22 | 29787Proclamation of the Insurance Act 2018
The regulator issued the Proclamation of the Insurance Act 2018 to establish a comprehensive legal framework governing insurance operations and market conduct. This proclamation mandates licensing for all insurance providers, enforces capital adequacy and solvency standards, and outlines consumer protection measures. It also establishes dispute resolution mechanisms and grants the regulator enforcement powers to ensure market stability and compliance.
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