Guidance on the Regulatory Framework

Guidance is provided by the OCI to industry participants in the form of Insurance and Pensions Guidelines (IPGs). The IPGs provide users with a clearer understanding of the regulator’s interpretation of the relevant sections of the legislation and/or about what constitutes good practice as it relates to policyholder protection. They are intended to set a minimum standard by which parties are expected to operate.

In striving to operate a flexible regulatory framework that protects policyholders without being detrimental to good business practice, IPGs are an essential component of the OCI’s policy.

• IPG 1- Principles of Regulating Insurance Agents
• IPG 2 - Winding Up of Pension Plans
• IPG 3 - General compliance requirements for Pension Fund Plans
• IPG 4 - Trustees of Pension Fund Plans
• IPG 5 - Registration of New Insurance Company
• IPG 6 - Statutory Deposits
• Fit & Assessment for Insurer
• Fit & Proper (Personal) Declaration Form
• Fit & Proper (Board) Declaration Form
• IAIS core principles
• Anti-Money Laundering Guideline for Insurance Business 7.0
• Statutory Fund 8.0