SECTION |
TITLE |
|
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 or 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 in 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 TRANSACTIONS |
50. |
Transfer, fundamental transaction or change of institutional form |
51. |
Acquisitions 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, functions and duties 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 |
Sch. 1. |
SCHEDULE 1. LAWS AMENDED [s72] |
Sch. 2. |
SCHEDULE 2. CLASSES AND SUB-CLASSES [s1, s22, s24, s25, s26, s70] |
| Table 1 Classes and sub-classes of insurance business life insurance |
| Table 2. Classes and sub-classes of insurance business non-life insurance |
Sch. 3. | SCHEDULE 3. TRANSITIONAL ARRANGEMENTS [s30 and s72] |