Regulatory Alerts2021-01-01
Circular No. 12 of 2021 - Payment of POPF Levy
The Financial Services Authority mandates all licensed general and life insurers to pay the Policy Owners Protection Fund (POPF) business levy in accordance with the Insurance Act, 2008 and POPF Regulations, 2009. The levy must be remitted on the first day of each insurer’s financial year immediately following the preceding accounting year, with amounts calculated per sub-regulation 7(2) and (3). Insurers failing to remit the levy by this statutory deadline will incur a surcharge, and the Authority reiterates strict compliance with these regulatory obligations.
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