Regulatory Alerts2009-08-31
Insurance Act of Solomon Islands
The Parliament of Solomon Islands enacted this Act to regulate the insurance industry by establishing a Controller of Insurance responsible for supervising market conduct and protecting policyholders. The legislation mandates that only registered body corporates may transact insurance business, subjecting them to strict capital, solvency, and investment requirements overseen by the regulator. It further empowers the Controller to investigate insurers, revoke licenses, and initiate winding-up proceedings to ensure financial stability and compliance with statutory obligations.
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