(1) The Minister may make regulations—
(a) prescribing the forms to be used for any purpose in this Act;
(b) prescribing anything which is required or authorised to be prescribed by this Act;
(c) amending any schedule to this Act or adding any schedule to this Act;
(d) prescribing rules governing reinsurance business;
(e) prescribing rules for the investment of funds by insurers;
(f) prescribing rules for the form, procedure and time limits for appeals;
(g) prescribing rules for the valuation of assets;
(h) prescribing rules for the writing-off of preliminary expenses and the deferring of acquisition costs in respect of new insurance business;
(i) prescribing rules governing the holding and conduct of examinations for persons applying to be registered as insurance agents, insurance brokers or insurance salesmen, and the exemptions of persons from such examinations;
(j) prescribing fees for the holding of examinations for insurance agents, insurance brokers and insurance salesmen; and
(k) generally, for the effective implementation of this Act.
(2) The Minister may by regulations extend the period prescribed under this Act for the performance of an act, or things which may seem necessary for the fulfilment of this Act.
(3) The Minister may by order published in the Gazette make such adaptations and modifications to the Commercial Code and any Act amending or replacing the same or to any other enactment in force as appears to him or her to be necessary or expedient by reason of anything contained in this Act.
(4) The Minister may make Regulations where a company, other than one carrying on insurance business, wishes to establish a captive insurance fund under an insurance policy of the company, prescribing the –
(a) categories of insurance to be permitted;
(b) method to be used by the company for the insurance; and
(c) manner in which funds obtained from the insurance may be invested.
(5) For the purpose of subsection (4), “captive insurance fund” means a fund established by a company to finance the—
(a) repair or replacement of its assets; or
(b) restoration of its service;
damaged or destroyed by a catastrophe.
(Amended by Acts 3 of 2006 and 8 of 2008)