ACT
(Acts 6 of 1995, 14 of 1996, 28 of 2003, 3 of 2006, 21 of 2006, 8 of 2008,
8 of 2013, 3 of 2022 and Statutory Instruments 60/1997, 125/2002, 52/2013, 115/2014 and 127/2022)
Act 6 of 1995 .. in force 15 August 1995 (Act 14 of 1996)
Amended by Act 14 of 1996 .. in force 7 September 1996
Amended by Act 28 of 2003 .. in force 12 January 2004
Amended by Act 3 of 2006 .. in force 6 February 2006
Amended by Act 21 of 2006 .. in force 27 March 2006
Amended by Act 8 of 2008 .. in force 11August 2007
Amended by S.I. 60/1997 .. in force 26 July 1997
Amended by S.I. 125/2002 .. in force 16 December 2002
Amended by Act 8 of 2013 .. in force 16 December 2013
Amended by S.I. 52/2013 .. in force 8 July 2013
Amended by S.I. 115/2014 .. in force 17 November 2014
Amended by Act 3 of 2022 .. in force 21 February 2022
Amended by S.I. 127/2022 .. in force 19 September 2022
ARRANGEMENT OF SECTIONS
PART 1
PRELIMINARY
| 1. | Short title |
| 2. | Interpretation |
| 3. | Clarification of carrying on business |
| 4. | Application of Act |
PART 2
ADMINISTRATION
| 5. | Registrar of Insurance |
| 6. | Registrar may secure services of persons |
| 7. | Delegation by Registrar |
| 8. | Annual Report of Registrar |
PART 3
REGULATION OF INSURANCE COMPANIES
| 9. | Non-application |
| 10. | Restriction on carrying on insurance business |
| 11. | Contracts with non-registered insurers |
| 12. | Share capital necessary for registration |
| 13. | Application for registration |
| 14. | Registrar may register company |
| 15. | Conditions for registration |
| 16. | Registration of foreign companies |
| 17. | Obligations of foreign company |
| 18. | Notification of change in particulars of registration |
| 19. | Application and policy forms |
| 20. | Cancellation of registration |
| 21. | Reasons for refusal or cancellation |
| 22. | Effect of cancellation of registration |
| 23. | Company to keep records |
| 24. | Information in order to ascertain ability of company to meet obligations |
| 25. | Company to keep separate accounts |
| 26. | Annual accounts |
| 27. | Group accounts |
| 28. | Appreciation and depreciation of assets |
| 29. | Registrar may request appraisal of property of company |
| 30. | Audit |
| 31. | Appointment of auditors |
| 32. | Variations in forms |
| 33. | Prohibitions |
| 34. | Solvency |
| 35. | Compiling income and liability |
| 36. | Power to request information |
| 36A. | Confidentiality |
| 37. | Power of intervention |
| 38. | Notice of intervention |
| 39. | Registrar may impose requirements |
| 40. | Application for judicial management |
| 41. | Order for judicial management |
| 42. | Report of Judicial Manager |
| 43. | Decision of court on report of Judicial Manager |
| 44. | Transfer of business to another company |
| 45. | Cancellation of contract or agreement |
| 46. | Indemnity of Judicial Manager |
| 47. | Cancellation of order |
| 48. | Court may order winding-up |
| 49. | Procedure on winding-up |
| 50. | Value of liability under policies |
| 51. | Application of certain assets |
| 52. | Liability of directors and officers |
| 53. | Application of deposits |
| 54. | Winding-up part of business |
PART 4
ASSOCIATION OF UNDERWRITERS
| 55. | Registration of association of underwriters |
| 56. | Premiums to be held in trust |
| 57. | Documents to be supplied to Registrar |
| 57A. | Extension of time under section 57 |
| 58. | Registrar may prohibit writing new policies |
| 59. | Cancellation of registration of association |
| 60. | Obligations of association |
PART 5
INSURANCE AGENTS, BROKERS AND SALESMEN
| 61. | Requirement for registration |
| 62. | Application for registration |
| 63. | Restrictions on registration |
| 64. | Conditions for registration |
| 65. | Certificate of registration |
| 66. | Certificate to be produced on request |
| 67. | Intention to cancel registration |
| 68. | Cancellation of registration |
| 69. | Submission of audited accounts |
| 70. | Notice of termination of agency |
| 71. | Registrar may request information |
| 72. | Agent of the insurer |
| 73. | Liability for unlawful contracts |
| 74. | Misleading advertisement |
| 75. | Restriction on compensation to unregistered agent |
| 76. | Rebating |
| 77. | Returns to the Registrar |
| 78. | Procuring premiums by fraudulent means |
| 79. | Failure to pay over money to client or insurer |
PART 6
DEPOSITS AND INSURANCE FUNDS
| 80. | Amount of deposits |
| 81. | Variation of form of deposit |
| 82. | Failure to make deposits |
| 83. | Minister may attach bank deposits |
| 84. | Release of deposits |
| 85. | Refund of deposits |
| 86. | Deposits to be increased |
| 87. | Lost securities |
| 88. | Establishment of insurance funds |
| 89. | Restriction on the use of assets in a fund |
| 90. | Creating a trust |
| 91. | Restrictions on trustee |
| 92. | Maintaining particulars of fund |
| 93. | Investment of assets of a fund |
PART 7
LONG-TERM INSURANCE BUSINESS
| 94. | Company to appoint actuary |
| 95. | Actuarial reports |
| 96. | Premium rates to be approved by actuary |
| 97. | Misstatement of age |
| 98. | Minors may effect policies and take assignments |
| 99. | Insurable interest |
| 100. | Assignment of policies |
| 101. | Effect of notice of assignment |
| 102. | Assignment not to distinguish rights |
| 103. | Release of assignments |
| 104. | Interest of the insured to be protected |
| 105. | Effect of capital punishment, suicide, on policy |
| 106. | Condition reducing the sum insured, void |
| 107. | Application to certain types of policies |
| 108. | Paid-up policies |
| 109. | Surrender of policies |
| 110. | Registrar may vary obligation to pay surrender value |
| 111. | Non-forfeiture of ordinary life policies |
| 112. | Non-forfeiture of industrial life policies |
| 113. | Treatment of debts on issue of paid-up policies |
| 114. | Payment to a beneficiary |
| 115. | Company may pay money to Registrar |
| 116. | Unclaimed monies |
| 117. | Objection to policies |
| 118. | Returning policies, premium receipt books |
| 119. | Falsification of entries, an offence |
| 120. | Avoidance where proposal is filled in by agent |
| 121. | Particulars to be set out in policies |
| 122. | Issue of premium receipt book |
| 123. | Premium receipt book to show date premium paid |
| 124. | Conversion to a mutual company |
| 125. | Application to establish plan of mutualisation |
| 126. | Appointment of an independent actuary |
| 127. | Approval of application |
| 128. | Submission of detailed plan |
| 129. | Acceptance by shareholders and policy-holders |
| 130. | Recovery of expenses |
| 131. | Application for a scheme of transfer |
| 132. | Submission of details of scheme |
| 133. | Confirmation of a scheme of transfer |
| 134. | Return to be made on confirmation of scheme |
PART 8
GENERAL INSURANCE
| 135. | Application of this part |
| 136. | Reserves for unexpired risks |
| 137. | Reserves for outstanding claims |
| 138. | Methods for calculating reserves |
| 139. | Prohibition on payment of dividends |
| 140. | Deficiency in solvency margin |
| 141. | Appropriation of profits towards surplus |
PART 9
PENSION FUND PLANS
| 142. | Plans to be registered |
| 143. | Qualifications for registration |
| 144. | Registration of plans |
| 145. | Amendment not valid until registered |
| 146. | Certificate of registration |
| 147. | Cancellation of registration of plan |
| 148. | Fees payable |
| 149. | Additional powers of the Registrar |
| 150. | Penalties for default |
| 151. | Submission of annual accounts |
| 152. | Actuarial investigation |
| 153. | Investment of assets of a plan |
PART 10
MISCELLANEOUS
| 154. | Jurisdiction over local policies |
| 155. | Policy to be legible |
| 156. | Insurer to maintain register of policies |
| 157. | Policy not invalidated by breach of this Act |
| 158. | Restriction on use of insurance terms |
| 159. | Inspection of documents lodged with Registrar |
| 160. | Borrowing powers |
| 161. | Annual licences |
| 162. | Publication of registration, cancellation |
| 163. | Misleading advertisement |
| 164. | Publication of authorised and paid-up capital |
| 165. | Translation of documents |
| 166. | Cabinet may authorise exemptions |
| 167. | Regulations |
| 168. | Registrar may authorise extension of time |
| 169. | Appeals |
| 170. | Appeals tribunal |
| 171. | Offences |
| 172. | False documents |
| 173. | Penalties |
| 174. | Savings |
| Schedule 1 | |
| Schedule 2 | |
| Schedule 3 | |
| Schedule 4 | |
| Schedule 5 | |
| Schedule 6 | |
AN ACT to regulate insurance business, the operation of pension fund plans and for related matters.
Commencement [15 August 1995]