Regulatory Alerts2007-09-07 | 24093Added · Updated
Insurance (Amendment) Act, 2007
The Insurance Act is amended to restrict investments of statutory funds and registered plan assets to those specified in the Second Schedule. Registered pension fund plans with assets exceeding 150% of total liabilities are authorized to invest in ordinary shares up to a limit of 50% of the asset portion equivalent to 150% of liabilities, and up to 100% of the excess portion, provided the aggregate investment does not exceed 70% of total assets. Total liabilities must be determined based on the latest actuarial investigation under section 185, with membership details complying with Central Bank requirements.