Insurance

Reserve Bank legal powers tested

Monday 24th of March 2014

All of the country’s insurers had to be fully licensed by September 9 last year. There were 96 full licenses issued under the Insurance Prudential Supervision Act (IPSA), which came into effect in 2010.

The Act contains a range of requirements for insurers, including solvency and “fit and proper” standards, disclosure and reporting rules.

Peter Brady, Reserve Bank manager of insur...

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