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Insurance Regulatory Measures

Section 34 of the Monetary Authority Act enables the Authority to issue or amend Rules, Statements of Guidance and Statements of Principle. In addition, Section 48 provides for the issuance of a Regulatory Handbook to contain the policies and procedures of the Authority in carrying out its regulatory and co-operative functions.

Below is an index of measures that contains a checklist for RulesStatements of GuidanceRegulatory PoliciesRegulatory Procedures and Forms that pertain to the Insurance sector.


Rules

A clear and precise directive issued to licensees on a subject matter that the Authority considers essential for the prudential supervision of regulated entities and which creates binding obligations on all licensees and for which a breach may lead to the imposition of a fine or regulatory action being taken against the licensee by the Authority pursuant to the exercise of its powers under the regulatory acts.

Statement of Guidance ("SOG") 

Guidance intended to assist licensees to comply with relevant acts, regulations, rules and statements of principles or to describe standards for conduct of business. Guidance contains recommendations on how licensees should operate and represent a measure against which the Authority will assess compliance by licensees.

Regulatory Policy 

A set of principles, a criteria, or approach to guide decisions and actions taken by the Authority in performing its regulatory and co-operative functions.

Regulatory Procedure 

A set of actions, activities or tasks that the Authority will carry out in performing its regulatory and co-operative functions.

Note: The following items marked with NEW have been recently added or updated.
LEGISLATION  click for link
  Rule SOG Policy Procedure Form
LICENSING          
Recognition and Approval of an Actuary (October 2024)     View    
Regulatory Policy - Licencing for Class D Insurers     View    
Licensing for Class B Insurers     View    
Regulatory Policy Class C Insurance Companies     View    
Licensing - Insurance Companies          
Licensing - Insurance Managers          
Licensing - Insurance Brokers, Agents and Agencies     View    
Fitness and Propriety     View View  
Consolidated Supervision     View    
Approval of an Auditor     View    
Approval and Notification of changes       View  
Issuing Notices of Decisions to Declined Applicants       View  
Approved Stock Exchanges     View    
List of Approved Stock Exchanges     View    
Regulatory Policy - Criteria for Approving Changes in Ownership and Control     View    
Use of Restricted Words     View    
BUSINESS CONDUCT          
Nature, Accessibility and Retention of Records - Business of Company Management - (Effective: 1 April 2024) View        
Rule and Statement of Guidance - Reinsurance Arrangements (Effective: 27 May 2024) View        
Statement of Guidance - for Licensees seeking approval to use an Internal Capital Model to calculate the Prescribed Capital Requirement       View  
Business Continuity Management          
Outsourcing – Regulated Entities          
Investment Activities for Insurers View        
Professional Qualification Requirements for Insurance Companies, Brokers, Agents and Agencies View        
Corporate Governance - (Effective: 14 October 2023) View        
Nature, accessibility and retention of records          
Cybersecurity for Regulated Entities View        
Marketing Policies of Licensees          
Responsibilities of Insurance Managers          
Market Conduct - Insurers, Agents and Brokers View        
Reinsurance Arrangements          
Internal Controls (Effective: 14 October 2023) View        
Professional Indemnity Insurance          
Waiver of Audit - Class C Licensees     View    
Succession Planning          
PRUDENTIAL STANDARDS          
Risk Management For Insurance Companies View        
Capital Adequacy - Class B Insurers          
Trust Funds – section 7(1) Insurance Law - Approved External Insurers     View    
REPORTING          
Prudential Reports and Statistical Returns     View    
Actuarial Valuations View        
Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)   View     View
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