Legislation
The main legislative framework for the Bank's supervision of registered insurance companies is derived from the following Acts:
- Insurance Act, 2018
- Insurance (Amendment) Act, 2020
- Proclamation of the Insurance Act, 2018
- Proclamation of the Insurance (Amendment) Act, 2020
- Finance Act 2018
- Insurance Act, 1980 (Insurance companies, registered pension plans and insurance intermediaries)
- Insurance (Amendment) Act, 2004
- Insurance (Amendment) Act, 2007
- Insurance (Amendment) Act 2009
- Consolidated Insurance Act (Insurance Act, 1980 with amendments to 2009 – for reference purposes only)
- Legal Notice 21, Insurance Act, Chap 84:01
- The Payment of Supervisory Fees and Charges Regulations, 2011
- Central Bank Act Chap 79:02
- Central Bank (Amendment) Act 2009
- Central Bank Amendment Act No. 18 of 2011
Regulations
- The Central Bank Payment of Supervisory Fees and Charges(Amendment) Regulations, 2020
- The Insurance (Approved Securities) Regulations, 2020
- The Insurance (Capital Adequacy) Regulations, 2020
- The Insurance (Caribbean Policy Premium Method) Regulations, 2020
- The Insurance (Companies) Registration Regulations, 2020
- The Insurance (Financial Condition Report) Regulations, 2020
- The Insurance (Intermediaries) Registration Regulations, 2020
- The Insurance (Participating Account) Regulations 2020
- The Insurance (Pension Fund Plan Investments) Regulations, 2020
- The Insurance (Pension Fund Plans Registration Fees) Regulations, 2020
Guidelines for the Insurance Sector
- Guideline for the Approval of New or Significantly Amended Insurance Products under the Insurance Act, 2018 – March 2024
- Compliance with Section 128, Subsections (1) and (2) of the Insurance Act, 2018. Procedure Document for the Returns Submission of Registered Agents, Brokers and Sales Representatives - February 2024
- Recovery Plan Guideline - October 2023
- Market Conduct Guidelines for Registrants under the Insurance Act 2018 - July 2023
- Guideline on the Publication of Abridged Financial Statements - October 2022
- Guideline for the Management of Market Risk - July 2022
- Guideline for Management of Outsourcing Risks - February 2022
- Credit Risk Management Guideline - November 2021
- Reinsurance Risk Governance Guideline for Insurers
- Mergers and Acquisitions Guideline - July 2021
- Corporate Governance Guideline (Revised) - March 2021
- Post Sales Communication - Policy Discontinuance - Guideline, 2020
- Revised Guideline on the Implementation of the Tax Information Exchange Agreements (United States of America) Act, 2017
- Fit and Proper Guideline- October 2019
- Draft Outsourcing Guidelines for Financial Institutions
- Instructions for Group Asset Data re: Cost Recovery-Insurance Sector (IS)
- Claims Guideline for Insurers
- Corporate Governance (applicable to foreign insurers until such time as those institutions are reorganized in accordance with Section 281 of the Insurance Act, 2018)
- Prudent Person Approach to Investment and Lending
- Security Systems for Safeguarding Customer Information
- Guideline for the Measurement, Monitoring and Control of Impaired Assets
- Guidelines for the Use of Credit Ratings by Regulated Entities
Alternate Dispute Resolution Schemes
Applications Checklist for Insurance Intermediaries
- Registration Check List for an Agency
- Registration Check List for an Individual Agent
- Renewal of Registration Check List for an Agent/Agency
- Registration Check List for a Salesman
Surveys
Code of Practice for Engagement with External Auditors of Financial Institutions
- Full Code of Practice for Engagement with External Auditors of Financial Institutions
- Summary of Code of Practice for Engagement with External Auditors of Financial Institutions
IFRS 17 - Insurance Contracts
- IFRS 17 Preparedness Questionnaire - May 2021
- IFRS 17 Preparedness Questionnaire - August 2019
Placement of Insurance Business with a Foreign Insurer
Placement of Insurance Business with a Foreign Insurer Section 115(2) THE INSURANCE ACT, 2018
