The proposed amendments to the regulations of the Long-term Insurance Act, 1998 and Short-term Insurance Act, 1998 are out for comment with submissions due on 23 April 2018.
It is envisaged that the proposed regulations will come into effect on 1 July 2018, which is in
line with the proposed effective date of the Insurance Act, 2017 (Insurance Act).
The Insurance Act, will repeal all the prudential sections of both the Long-term Insurance Act, 1998 (LTIA) and the Short-term Insurance Act, 1998 (STIA).
Keeping in line with the move to a risk-based solvency model for insurers, the requirement for intermediaries to have a bank guarantee of a guarantee issued by the Intermediaries Guarantee Facility (IGF) has been done away with.
Insurance Sector Team Members: