The Insurance Act was assented to by the President on 18 January 2018 and became effective on 1 July 2018. The Commencement Notice was gazetted in the Government Gazette on 27 June 2018.
The Prudential Authority (PA) has communicated to the industry regarding its approach to the implementation of the Insurance Act. The salient points of this communication are summarisedbelow:Schedule 3 to the Insurance Act sets out the transitional arrangements for implementation of the Insurance Act and the Prudential Standards.
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