Insurance (Minimum Capital and Solvency Requirements for Life Insurers) (Amendment) Directive 2024

313
The Malawi Gazette Supplement, dated 6th September, 2024, containing Regulations, Rules, etc. (No. 25A)

GOVERNMENT NOTICE NO. 57

INSURANCE ACT
(CAP 47:01)

INSURANCE (MINIMUM CAPITAL ADEQUACY AND SOLVENCY REQUIREMENTS FOR LIFE INSURERS) (AMENDMENT) DIRECTIVE, 2024

IN EXERCISE of the powers conferred by section 79(3) of the Insurance Act, I, DR. WILSON TONINGA BANDA, Registrar of Financial Institutions, make the following Directive—

1. This Directive may be cited as Insurance (Minimum Capital and Citation
   Solvency Requirements for Life Insurers) (Amendment) Directive, 2024.

2. The Insurance (Minimum Capital and Solvency Requirements for Amendment
   Life Insurers) Directive (herein after referred to as the “principal Directive”) of the is amended, in the enactment formula, by deleting the words “section 13” and enactment substituting therefor, the words “section 79 (3)”. formula to G.N.41/2017

3. The principal Directive is amended, by inserting, immediately after Insertion of
   paragraph 13, a new paragraph 13A, as follows— para. 13A into the principal “Insertion of 13A. The Registrar may, in writing, exempt a life Directive para. 13A into insurer, wholly or partly, from complying with requirements the principal prescribed under Part IV, subject to such terms and conditions as Directive the Registrar may determine.”.

Made this 2nd day of August, 2024.

(REF. NO. FIN/PFSD/02/03)
Dr. W. T. BANDA
Registrar of Financial Institutions