Insurance (Budget Amendment) Act 2025

111
TO AMEND THE INSURANCE ACT 1998
ENACTED by the Parliament of the Republic of Fiji— Short title and commencement 1.—(1) This Act may be cited as the Insurance (Budget Amendment) Act 2025. (2) This Act comes into force on 1 August 2025. (3) In this Act, the Insurance Act 1998 is referred to as the “Principal Act”.
Section 2 amended
2. Section 2 of the Principal Act is amended after the definition of “principal officer”
by inserting the following new definition— ““prudential standard” means a standard formulated by the Reserve Bank under
section 3(2)(a);”.
Section 20 amended
3. The Principal Act is amended in section 20(1) by deleting paragraph (c) and
substituting the following—
“(c) has a value of not less than the minimum solvency required to be maintained by the insurer under section 31.”. ACT NO. 20 OF 2025 I assent. R. N. T. LALABALAVU President [21 July 2025] AN ACT

112 Insurance (Budget Amendment)—20 of 2025
Section 31 amended
4. Section 31 of the Principal Act is amended by deleting subsections (1) and (2) and
substituting the following—
“(1) An insurer licensed to carry on any class of life insurance business must, at all times, maintain the specified minimum solvency, capital and other requirements necessary for an insurer carrying on life insurance, as determined by the Reserve Bank through the prudential standard. (2) An insurer licensed to carry on any class of general insurance business must, at all times, maintain the specified minimum solvency, capital and other requirements necessary for an insurer carrying on general insurance, as determined by the Reserve Bank through the prudential standard.”.
Section 35 amended
5. Section 35(1) of the Principal Act is amended by deleting “is the market value of
the asset at that time” and substituting “will be formulated through the prudential standard issued by the Reserve Bank”.
Section 60 amended
6. Section 60 of the Principal Act is amended by—
(a) in subsection (1), deleting “the prescribed statements of account and other prescribed statements” and substituting “the statements of account and other statements required under the prudential standard and written notices issued by the Reserve Bank”; and (b) in subsection (2), deleting “within 6 weeks after each 31 March, 30 June, 30 September and 31 December, prepare and send to the Reserve Bank any prescribed statements” and substituting “within timelines specified by the Reserve Bank through prudential standard and written notices, prepare and submit any required statement to the Reserve Bank”. Passed by the Parliament of the Republic of Fiji this 18th day of July 2025. Price: 24c STAR PRINTERY PTE LTD, (Government Printer), Suva, Fiji – 2025 20/Z/25—170 Official Printer Since 2022