S.I. 67 of 2025 – Insurance (Amendment) Regulations, 2025 (No. 28)

This Statutory Instrument amends the 1989 Insurance Regulations to align capital requirements and operational obligations with modern insurance practices and risk standards. Key changes include:
• New minimum capital thresholds for insurers:
• Life & funeral assurance: US$2 million
• Funeral-only assurance: US$500,000
• Non-life insurance: US$1.5 million
• Reinsurance: US$2 million
• Microinsurance: US$100,000
• Brokers now require US$100,000 capital and must hold professional indemnity cover of at least US$200,000 or 50% of prior-year income.
• Multiple agents, loss adjustors, risk consultants, and surveyors are required to hold professional indemnity insurance and secure financial guarantees or approved deposits.
• New penalties for non-renewal of licenses: up to Level 4 fines per day, with possible criminal penalties after 60 days.
• Updated fees for certified documents and license-related services.
• Previous Insurance Amendment Regulations, 2020 (S.I. 59 of 2020), are repealed.