The Bank of Papua New Guinea is responsible for licensing and regulating life insurance companies and life insurance agents under the Life Insurance Act 2000 (as amended). The Act directs that this be done in the interests of the development of a viable competitive industry and for the protection of the interests of policyholders and prospective policyholders of life policies. Any company offering life insurance must be licensed under the Act.
Enabling Legislation/Regulation
Prudential Standards
- PS 1/2005 Financial Requirements
- PS 2/2008 Valuation of Policy Liabilities for Life Insurance Companies
- PS 3/2005 Solvency Standard
- PS 4/2005 Capital Adequacy Standard
- PS 5/2008 External Audits
- PS 6/2008 Financial Statements Format & Disclosure Requirements
- PS 7/2008 Life Insurance Companies Investments
- PS 8/2008 Fit and Proper Requirements
- PS 9/2012 Life Insurance Corporate Governance
- LIPS 10/2016 Risk Management