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

Summary

This is a set of amendment regulations that update the Insurance (Portfolio Insurance Companies) Regulations, 2015, which govern the registration and capital requirements of portfolio insurance companies under the Insurance Act, 2010. The amendments are largely technical.

• Registration application: Streamlines the application-for-registration provision by removing regulation 3(2) and renumbering regulation 3(1), simplifying the registration application process.
• Fees regulation: Removes a separate fees regulation (regulation 4); fees for these companies are apparently now dealt with elsewhere, and the old Form 1 fees schedule should no longer be expected to apply.
• Capital requirement references: Updates references in the capital requirement provisions and in Schedule 2 so that the old 'Form 2' and 'Form 3' labels are replaced with 'Part 1' and 'Part 2' of a renamed Schedule 2 titled 'CAPITAL REQUIREMENT'.

In practice, portfolio insurance companies (and those advising or administering them) should use the updated Schedule 2 forms (Part 1 and Part 2) for minimum capital and prescribed capital requirement filings.

The Regulations do not take effect on a fixed calendar date; instead, they come into force immediately after the Insurance (Amendment and Validation) Act, 2024 comes into force, so the practical effective date depends on when that separate Act commences.

Key obligations

• Portfolio insurance companies must use the capital requirement forms in Part 1 and Part 2 of the renamed Schedule 2 ('CAPITAL REQUIREMENT') instead of the former Form 2 and Form 3 when meeting minimum capital and prescribed capital requirements.
• Applicants for registration as a portfolio insurance company must follow the simplified regulation 3 application requirement (paragraph (2) has been repealed and regulation 3(1) renumbered as regulation 3).

Applies to

portfolio insurance companies

Deadlines

• immediately after the Insurance (Amendment and Validation) Act, 2024 comes into force: Commencement of these Amendment Regulations is tied to, and takes effect immediately after, the coming into force of the Insurance (Amendment and Validation) Act, 2024.

Related documents

• This document amends Insurance (Portfolio Insurance Companies) Regulations, 2015
• This document is made under Insurance Law, 2010 (Law 32 of 2010)
• Insurance (Portfolio Insurance Companies) Regulations (2026 Revision) replaces this document