Insurance (Portfolio Insurance Companies) (Amendment) Regulations, 2024 (SL 69 of 2024)

COMPANIES) (AMENDMENT) REGULATIONS, 2024

PUBLISHING DETAILS

Arrangement of Regulations

COMPANIES) (AMENDMENT) REGULATIONS, Arrangement of Regulations Regulation Amendment of regulation 3 of the Insurance (Portfolio Insurance Companies)

Regulation 1

COMPANIES) (AMENDMENT) REGULATIONS, In exercise of the powers conferred by section 40 of the Insurance Act, 2010, the Cabinet makes the following Regulations — Citation and commencement (1) These Regulations may be cited as the Insurance (Portfolio Insurance Companies) (Amendment) Regulations, 2024. (2) These Regulations come into force immediately after the Insurance (Amendment and Validation) Act, 2024 comes into force. Amendment of regulation 3 of the Insurance (Portfolio Insurance Companies) Regulations, 2015 - application for registration The Insurance (Portfolio Insurance Companies) Regulations, 2015, in these Regulations referred to as the “principal Regulations”, are amended in regulation 3 as follows — (a) by repealing paragraph (2); and (b) by renumbering regulation 3(1) as regulation 3.

Regulation 3

Repeal of regulation 4 - fees The principal Regulations are amended by repealing regulation 4. Amendment of regulation 6 - minimum capital and prescribed capital requirement The principal Regulations are amended in regulation 6 by deleting the words “Form 2” wherever they appear and substituting the words “Part 1”. Amendment of regulation 8 - prescribed capital requirement The principal Regulations are amended in regulation 8 by deleting the words “Form 3” and substituting the words “the form set out in Part 2”. Amendment of Schedule 2 - fees and capital requirement forms The principal Regulations are amended in Schedule 2 as follows — (a) by repealing the Schedule heading and substituting the following Schedule heading — “CAPITAL REQUIREMENT”; (b) by repealing the Schedule subheading “Form 1 Fees Payable” and the particulars under that Schedule subheading; by deleting the words “FORM 2” and substituting the words “PART 1”; and (d) by deleting the words “FORM 3” and substituting the words “PART 2”. Made in Cabinet the 17th day of December, 2024. Kim Bullings Clerk of the Cabinet