Regulatory Alerts2007-01-01
Insurance Act 2007
The Legislative Assembly of Samoa enacted this Act to repeal the Insurance Act 1976 and establish a comprehensive regulatory framework for the insurance industry. It mandates licensing for all insurers, brokers, and agents while empowering the Insurance Commissioner within the Central Bank of Samoa to supervise conduct, enforce standards, and manage solvency requirements. The legislation further defines statutory funds, protects policyholder rights, and outlines specific offences and penalties for non-compliance.
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