INSURANCE ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Insurance (Minimum Paid-Up Share Capital) Regulations

Insurance (Fidelity Fund) Regulations

INSURANCE (MINIMUM PAID-UP SHARE CAPITAL) REGULATIONS

[Sections 41 and 132]

Arrangement of Regulations

   Regulation

   1.   Title

   2.   Interpretation

   3.   Minimum paid-up share capital

   4.   Preparation and submission of statement

   5.   Transitional provision

      SCHEDULE

SI 71 of 2015.

1.   Title

These Regulations may be cited as the Insurance (Minimum Paid-Up Share Capital) Regulations, 2015.

2.   Interpretation

In these Regulations, unless the context otherwise requires "Authority" means the Pensions and Insurance Authority established under section 4 of the Pension Scheme Regulation Act.

3.   Minimum paid-up share capital

A re-insurer, insurer or broker shall maintain the minimum paid-up share capital prescribed in the Schedule.

4.   Preparation and submission of statement

   (1) A re-insurer, insurer or broker that fails to meet the minimum paid-up share capital shall prepare, at 31st March, 30th June, 30th September and 31st December of each year a statement in a form approved by the Registrar.

   (2) The statement referred to in sub-regulation (1) shall indicate the authorised and paid-up share capital for the prescribed period and shall be duly signed and submitted to the Registrar by the reinsurer, insurer or broker within 30 days from the end of the period to which it relates.

5.   Transitional provision

A re-insurer, insurer or broker shall comply with these Regulations within a period of two years from the commencement of these Regulations or such longer period as the Authority shall specify.

SCHEDULE

[Regulation 3]

MINIMUM PAID-UP SHARE CAPITAL

1. A re-insurer shall maintain a minimum paid-up share capital equal to or more than K20,000,000.

2. An insurer shall maintain a minimum paid-up share capital equal to or more than the following amounts

3. A broker shall maintain a minimum paid-up share capital equal to or more than K100,000.

INSURANCE (FIDELITY FUND) REGULATIONS

[Sections 109, 111, 113, 114 and 115]

Arrangement of Regulations

   Regulation

   1.   Title

   2.   Interpretation

   3.   Establishment of Fund

   4.   Administration of Fund

   5.   Fund account

   6.   Disbursement from Fund

   7.   Insurance of Fund

   8.   Claims against Fund

   9.   Further information

   10.   Rejection of claim

   11.   Payment of claim

   12.   Apportioning of claims

   13.   Appeals

   14.   Annual report

   15.   Revocation of S.I. No. 59 of 2019

      SCHEDULE

SI 38 of 2021.

1.   Title

These Regulations may be cited as the Insurance (Fidelity Fund) Regulations, 2021.

2.   Interpretation

In these Regulations, unless the context otherwise requires

"beneficiary" means a person who holds a beneficial interest in a policy, other than the holder of a policy;

"Board" means the Pensions and Insurance Authority Board established under the Pensions Scheme Regulation Act, 1996;

"claim" means an application for payment from the Fund as provided in regulation 8;

"Committee" means the Policy Holder's Protection Committee constituted under section 106 of the Act; and

"Fund" means the Insurance Fidelity Fund established under regulation 3.

3.   Establishment of Fund

There is established the Insurance Fidelity Fund for the purposes of indemnifying or otherwise protecting holders or beneficiaries of a policy held with an insurer that is unable to meet that insurer's liabilities.

4.   Administration of Fund

   (1) The Committee shall administer and manage the Fund.

   (2) The Committee shall establish prudent controls for the Fund, especially relating to

   (a)   fiscal controls and accounting procedures governing the Fund;

   (b)   reporting procedures for matters relating to the Fund; and

   (c)   investment of the monies of the Fund.