Regulatory Alerts2018-07-13
Added · Updated
Insurance (Determination of Policy Liabilities of Life Insurers) Directive, 2018
The Registrar of Financial Institutions requires life insurers to determine policy liabilities using best estimate assumptions and the projection method, ensuring the calculated liability is not less than the greater of the best estimate liability or the minimum termination value. Life insurers must conduct annual valuations, provide accurate data to appointed actuaries, and submit a financial condition report to the Board and the Registrar within 90 days of the financial year-end. The Registrar may impose monetary penalties of up to K50,000,000 on life insurers and K10,000,000 on individuals for violations, with additional daily fines of K50,000 for continuing breaches.
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