On 5 August 2019, the Insurance Amendment Act 2019 (the "Amendment Act") came into operation, amending the Insurance Act 1978. The Amendment Act makes provision for the supervision and regulation of two new classes of insurer, namely "Collateralised Insurers" and "Class IIGB", and for the supervision and regulation of a new category of insurance intermediary, namely the "insurance marketplace provider".
An insurance marketplace provider is aimed at addressing the growing interest in the establishment of InsurTech-related insurance market places.
This advisory will deal in broad terms with the requirements for the new classification of Collateralised Insurers. This advisory is not legal advice and not intended to be exhaustive, but provides brief details and information on the new class.
A Class IIGB Insurer is for those insurers who intend to conduct insurance business in an innovative manner, for instance, utilising digital assets. Unlike the existing Class IGB this is a non-sandbox innovation class and we would be happy to provide further details.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.