Regulations which came into force on 1 September 2012 amend the Insurance (Prudential Supervision) Regulations 2012. The regulations:
- change the jurisdictions that are prescribed for the purposes of sections 19(4), 38(3) and 119(3) of the principal Act - these sections treat certain requirements of the Act as having been satisfied in relation to insurers incorporated in the prescribed jurisdictions. The amendments extend the number of prescribed jurisdictions for the purposes of sections 19(4) and 38(3), and remove the United Kingdom for the purposes of section 119(3);
- replace regulation 14, which declares certain credit contracts entered into by non-life insurers to be of a class that are not life policies;
- insert rules relating to statutory funds that must be established by life insurers in respect of their life insurance business.
A copy of the regulations is available here.