Issue of new Rules and revocation of Rules under the Insurance Act

In light of the implementation of IFRS 17, there was a need to review the regulatory framework for returns and solvency requirements of insurers and professional reinsurer.

Thus, the FSC issued the following new Rules under the Insurance Act which led to the revocation of the existing FSC Rules, i.e. the (i) Insurance (General Insurance Business Solvency) Rules 2007; (ii) Insurance (Long-Term Insurance Business Solvency) Rules 2007; and (iii) Insurance (Returns) Rules 2007:

• Insurance (General Insurance Business Solvency) Rules 2024:

The Insurance (General Insurance Business Solvency) Rules 2024 were gazetted on 07 September 2024 and came into effect as from 09 September 2024.

The Insurance (General Insurance Business Solvency) Rules 2024 revoked the Insurance (General Insurance Business Solvency) Rules 2007.

• Insurance (Long-Term Insurance Business Solvency) Rules 2024:

The Insurance (Long-Term Insurance Business Solvency) Rules 2024 were gazetted on 07 September 2024 and came into effect as from 09 September 2024.

 The Insurance (General Insurance Business Solvency) Rules 2024 revoked the Insurance (Long-Term Insurance Business Solvency) Rules 2007.

• Insurance (Returns) Rules 2024:

The Insurance (Returns) Rules 2024 were gazetted on 14 September 2024 and are deemed to come into operation as from 09 September 2024.

In this respect, the Insurance (Returns) Rules 2024 revoked the Insurance (Returns) Rules 2007.