• Insurance Act, 2017 (Act No. 18 of 2017)
    • Notice No. 32 of 2018
    • Act
    • Chapter 1 : Interpretation and Objective of Act
      • 1. Definitions
      • 2. General interpretation of Act
      • 3. Objective of Act
    • Chapter 2 : Conducting Insurance Business and Insurance Group Business
      • Part 1 : General principles for conducting insurance business or insurance group business
        • 4. Principles
      • Part 2 : Insurance business and other business of insurers
        • 5. Insurance business and limitations on other business
      • Part 3 : Branches of foreign reinsurers and Lloyd's underwriters
        • 6. Conducting of insurance business by branches of foreign reinsurers and Lloyd's underwriters
        • 7. Claims against branches of foreign reinsurers of Lloyd's underwriters
      • Part 4 : Insurance groups
        • 8. Application of Part
        • 9. Notification by insurer on becoming part of group of companies
        • 10. Designation of insurance group and licensing of controlling company
        • 11. Responsibility of board of directors of controlling company
        • 12. Transparent insurance group structure
    • Chapter 3 : Key Persons and Significant Owners
      • Part 1 : Fit and proper requirements
        • 13. Fit and proper requirements for key persons and significant owners
      • Part 2 : Appointment and termination of key persons
        • 14. Approval of appointment of certain key persons
        • 15. Notification of appointment and change of circumstances of certain key persons
        • 16. Termination of appointment of key persons
      • Part 3 : Changes in control of insurer or controlling company and nominees
        • 17. Changes in control of insurer or controlling company
        • 18. Registration of shares in name of nominee
      • Part 4 : Key persons or significant owners not fit and proper
        • 19. Key person or significant owner not fit and proper or no longer fit and proper
        • 20. Assessing if key person or significant owner is fit and proper
    • Chapter 4 : Licensing, Suspension and Withdrawal of Licence
      • 21. Application of Chapter
      • 22. Requirements for licence
      • 23. Licensing
      • 24. Lloyd's underwriters and Lloyd's licensed
      • 25. Licence conditions
      • 26. Variation of licence conditions
      • 27. Suspension of licence
      • 28. Consequences of suspension of licence
      • 29. Withdrawal of licence
    • Chapter 5 : Governance
      • Part 1 : Insurers and insurance groups
        • 30. Governance framework
        • 31. Failure to maintain governance framework
        • 32. Auditor
        • 33. Audit committee
      • Part 2 : Additional governance requirements for representative offices of branches of foreign reinsurers and Lloyd's
        • 34. Representative office
    • Chapter 6 : Financial Soundness
      • Part 1
        • Insurers and insurance groups
          • 35. Application of Part
        • Financially sound condition
          • 36. Maintenance of financially sound condition
          • 37. Capital add-on
          • 38. Capital and securities
          • 39. Failure to maintain financially sound condition
      • Part 2 : Security requirements for branches of foreign reinsurers and Lloyd's
        • 40. Security to be held in trust
        • 41. Trust and trustees
        • 42. Failure to provide or maintain security
    • Chapter 7 : Reporting and Public Disclosures
      • 43. Information concerning beneficial interests
      • 44. Information for supervisory purposes
      • 45. Annual disclosures
      • 46. Annual financial statements and accounting requirements
      • 47. Auditing requirements
      • 48. Additional information relating to foreign reinsurers, Lloyd's underwriters or Lloyd's
      • 49. Additional matters relating to Chapter
    • Chapter 8 : Transfers of Business and Other Significant Transaction
      • 50. Transfer, fundamental transaction or change of institutional form
      • 51. Acquisition or disposals
    • Chapter 9 : Resolution
      • 52. Application of Chapter
      • Part 1 : Statutory management
        • 53. Appointment of statutory manager
      • Part 2 : Curatorship
        • 54. Appointment of curator
      • Part 3 : Business rescue
        • 55. Application of Companies Act to business rescue of insurers and controlling companies
        • 56. Business rescue applications and resolutions
      • Part 4 : Winding-up
        • 57. Application of Companies Act to winding-up of insurers and controlling companies
        • 58. Winding-up applications and resolutions
        • 59. Winding-up of trusts referred to in section 41
    • Chapter 10 : Administration of Act
      • Part 1 : Applications and notifications
        • 60. Applications
        • 61. Notifications
      • Part 2 : Powers and functions of Prudential Authority
        • 62. General powers, duties and functions of Prudential Authority
        • 63. Prudential Standards
        • 64. Publication by Prudential Authority
        • 65. Determination of another jurisdiction as equivalent
        • 66. Exemptions
        • 67. Unlicensed insurance business
        • 68. Penalties for non-submission or late submission
        • 69. Offences
    • Chapter 11 : General Provisions
      • 70. Regulations relating to certain classes of insurance business set out in Schedule 2
      • 71. Special exemption of certain insurers
      • 72. Consequential amendments and transitional arrangements
      • 73. Short title and commencement
    • Schedules
      • Schedule 1 : Laws Amended
      • Schedule 2 : Classes and Sub-Classes
      • Schedule 3 : Transitional Arrangements
    • Tables
      • Table 1 : Classes and Sub-Classes of Insurance Business Life Insurance
      • Table 2 : Classes and Sub-Classes of Insurance Business Non-Life Insurance
  • Notices
    • Commencement of Insurance Act, 2017
      • Notice No. 639 of 2018