Regulatory Alerts2026-02-06
Insurance (Budget Amendment) Act 2025
The Parliament of the Republic of Fiji enacted the Insurance (Budget Amendment) Act 2025 to amend the Insurance Act 1998 by introducing a new definition for prudential standards formulated by the Reserve Bank. The legislation mandates that insurers maintain minimum solvency, capital, and other requirements as determined by the Reserve Bank through these prudential standards. Additionally, the Act updates reporting obligations by requiring insurers to submit statements of account and other notices within timelines specified by the Reserve Bank rather than fixed statutory periods.
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