Regulatory Alerts2020-01-01
Solvency Requirements for Insurers Licensed to Conduct Life Insurance Business in Fiji
The Reserve Bank of Fiji issued Insurance Supervision Policy Statement No: 3A to establish minimum solvency standards for life insurers licensed under the Insurance Act 1998. The regulation mandates that insurers maintain a surplus of assets over liabilities calculated as either a fixed $1,000,000 or a percentage-based formula depending on net liabilities, whichever is greater. It further details specific asset valuation methods, exclusions for certain loans and intangibles, and the requirement for distinct statutory funds to ensure policyholder protection and regulatory intervention capabilities.
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