Under the Insurance Act 2001 and Insurance Regulations 2001, the Financial Services Commission is responsible for the supervision of life, and general insurance companies and intermediaries. Protection of the interests of policyholders is the primary consideration for the Financial Services Commission (FSC) in its role as supervisor and regulator for the insurance industry. This supervision is directed from the Insurance Division of the Commission. The Division monitors the insurance industry to ensure that:
- Solvency standards for all entities ensure policyholder protection
- The relationships between insurers and their holding, subsidiary and /or associated companies are in accordance with the legislation
- Regulators have access to information
- Industry players pratice good corporate governance as they owe a duty of care to their clients.
The Division monitors both local and branches of foreign companies offering life and general insurance products, and the activities of:
- Sales Representatives, and
- Insurance Consultants and Loss Adjusters