Regulatory Alerts2020-08-04
Added · Updated
Amendment to Investment of Insurance Funds Directive No. SIB/52/2020
The directive establishes investment limits for insurance companies, requiring general insurance funds to hold at least 60% in Treasury Bills and bank deposits, with single-bank deposits capped at 15% and company shares limited to 20%. Long-term insurance funds must hold at least 50% in Treasury Bills/Bonds and bank deposits, with single-bank deposits capped at 15% and company shares limited to 15%. The directive also mandates minimum provisioning for unpaid government premiums exceeding 90 days and requires quarterly reporting of investment schedules to the Insurance Supervision Directorate. Insurance companies must fully comply with these limits within 12 months of the directive's effective date on August 4, 2020.