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Insurance Amendment Act 2019

COOK ISLANDS

Insurance Amendment Act 2019

No. 11, 2019

Contents

1 Title
2 Commencement
3 Principal Act amended
4 Section 8 amended (Categories of and restrictions on licences)
5 Section 9 amended (Application for licence)
6 Section 30 repealed (Appointment of insurance manager)
7 Section 31 amended (Directors of licensed insurer)
8 Section 95 amended (Regulations)
9 Section 104 amended (Repeals)
10 Schedule 1 amended

An Act to amend the Insurance Act 2008.

The Parliament of the Cook Islands enacts as follows—

1 Title

This Act is the Insurance Amendment Act 2019.

2 Commencement

This Act comes into force on the day after the date on which it receives the assent of the Queen’s Representative.

3 Principal Act amended

This Act amends the Insurance Act 2008 (the principal Act).

4 Section 8 amended (Categories of and restrictions on licences)

(1) Section 8(b)(ii) is amended by omitting “; or” and substituting “.”.

(2) Section 8(c) is repealed.

5 Section 9 amended (Application for licence)

(1) Section 9(1)(b) is amended by omitting “;” and substituting “.”.

(2) Section 9(1)(c) is repealed. (3) Section 9(3) is repealed.

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_{Insurance Amendment Act 2019}

6 Section 30 repealed (Appointment of insurance manager)

Section 30 is repealed.

7 Section 31 amended (Directors of licensed insurer)

(1) Section 31 is amended by replacing subsection (1) with:

“(1) A licensed insurer holding a category A licence must have at least 3 directors”.

(2) Section 31(2A) is repealed.

8 Section 95 amended (Regulations)

Section 95(3) is repealed.

9 Section 104 amended (Repeals)

Section 104 is amended by inserting, after paragraph (b), the following paragraph:

“(c) the Life Insurance Act 1970-71.”

10 Schedule 1 amended

Paragraphs 2, 3, and 4(a) of Schedule 1 are repealed.

This Act is administered by the Financial Supervisory Commission. Printed under the authority of the Cook Islands Parliament—2019.