General Information & Laws

The relevant legal framework for the regulation of insurers is provided by the Insurance Act of 1998 of the Laws of Guyana and its subsidiary legislation including Insurance Regulations, as issued by the Minister of Finance in consultation with the Commissioner of Insurance.

The Insurance Act also provides a legal backing for the regulatory system of insurance intermediaries and pension plans. The Commissioner of Insurance is charged with the general administration of the Insurance Act and is therefore responsible for the regulation of the insurance industry.

All industry participants are subject to the Laws of Guyana. In addition to the Insurance Act, the following legislation is also particularly relevant:

• Companies Act 1995
• Financial Institutions Act 1995
• Arbitration Act 1916
• Motor Vehicle Insurance (Third Party Risks) Act

The OCI is committed to ensuring the regulatory framework is as effective and efficient as possible and have therefore issued Guidelines to industry participants as well as draft regulations. Participants are encouraged to forward their comments regarding these to the OCI.

In its drive to improve regulatory standards and practice the OCI is committed to adopting the principles of the International Association of Insurance Supervisors (IAIS). As far as possible the OCI strives to apply the guidance provided by the IAIS core principles. In addition Guyana is a recent member of the Caribbean Association of Insurance Regulators that is committed to ensuring harmonisation of regulation within the Caribbean.

The OCI is a strong advocate of industry participation in the regulatory framework and is supported by the Insurance Association of Guyana (IAG) and the Brokers Association of Guyana. This tripartite cooperation and support is characteristic of the way the industry operates in Guyana.