Regulatory Alerts2020-02-18 | 24089Added · Updated
Insurance (Amendment) Act, 2020
The Insurance (Amendment) Act, 2020 amends the Insurance Act, 2018 by updating definitions, including adding financial holding companies to the definition of acquirer and redefining business day and insurance consultant. It imposes new registration requirements on insurers, mandates the submission of compliance plans within six months for those not meeting section 28 requirements, and grants the Central Bank authority to impose conditions or directions on registrants. The Act also introduces a prohibition on becoming a controlling shareholder without a Central Bank permit, establishes a 120% threshold for the Catastrophe Reserve Fund relative to net written premium income, and allows for Vesting Orders during restructuring.