Regulatory Alerts2020-01-01
Insurance (Risk Management)(Amendment) Rules 2020
The Financial Services Commission issued these rules to amend the Insurance (Risk Management) Rules 2016 by replacing specific numerical references with the figure “6” in Rules 3 and 5. The updated provisions take effect on 24 October 2020 under the authority of the Insurance Act and Financial Services Act. These targeted adjustments ensure consistent regulatory thresholds without altering substantive risk management obligations.
874 Government Notices 2020 Government Notice No. 264 of 2020 INSURANCE ACT FSC Rules made by the Financial Services Commission under section 130 of the Insurance Act and section 93 of the Financial Services Act
- These rules may be cited as the Insurance (Risk Management) (Amendment) Rules 2020.
- In these rules, “principal rules” means the Insurance (Risk Management) Rules 2016.
- The principle rules are amended – (a) in Rule 3, paragraph (3) by deleting the figure “3” and replacing same by the figure “6” ; (b) in Rule 5, paragraph (7) by deleting the figure “3” and replacing same by the figure “6”.
- These Rules shall come into operation on 24 October 2020. Made by the Financial Services Commission on 24 October
OliImac2 / Govt Notices 2020 / FSC / The Insurance (Risk Management) (Amendment) Rules 2020 1 Proof - 25.10.2020