Licensed Life Insurance Companies
Objective of the Superannuation and Life Insurance Supervision Department
The Superannuation and Life Insurance Supervision Department (SLISD) has primary responsibility for the supervision and the sound prudential management enforcement of the authorized superannuation funds (ASFs) and life insurance companies (LICs) of the financial system. ASFs include trustees, investment managers and fund administrators. LICs include life insurance companies and life insurance brokers.
Introduction
The legislation governing the life insurance business is the Life Insurance Act 2000. Life insurance business is the business of;
| a. | Issuing life policies |
| b. | Undertaking liability under life policies, and |
| c. | Any business that relates to business referred to in Paragraphs (a) and (b). |
Enabling Legislation/Regulation
- List of Licensed Life Insurance Companies & Life Insurance Brokers
- Life Insurance Act 2000
- Life Insurance (Amendment) Act 2002
- Life Insurance (Amendment) Act 2004
Prudential Standards
- PS 1/2005 Financial Requirements
- PS 2/2008 Valuation of Policy Liabilities for Life Insurance Companies
- PS 3/2005 Solvency Standard
- PS 4/2005 Capital Adequacy Standard
- PS 5/2008 External Audits
- PS 6/2008 Financial Statements Format & Disclosure Requirements
- PS 7/2008 Life Insurance Companies Investments
- PS 8/2008 Fit and Proper Requirements
- PS 9/2012 Life Insurance Corporate Governance
- LIPS 10/2016 Risk Management