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RBF focuses on improving insurance sector

January 20, 2020 6:25 am

The Reserve Bank of Fiji has stated that it will develop new insurance guidelines in line with international supervisory developments.

While presenting to the Standing Committee on Economic Affairs, RBF Governor Ariff Ali says it will continue to undertake the confirmation of the conduct regulator role of the Reserve Bank.

Ali says they have initiated a review of the culture and conduct risk management frameworks of all our supervised institutions including the insurance companies and brokers.

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“With the partnership of licensed entities, we continue to be challenged to ‘think outside the box’ and be part of the national solution to ensuring Fiji’s resilience against the risk and effects of climate change, given the rapidly evolving developments in disaster risk management. We will continue to discuss with the industry on the design of insurance products and insurance arrangements that will specifically meet the growing needs of our people.”

Ali says the Insurance Act 1998, now more than 20 years old, is undergoing a review with the technical assistance of the IMF, with the aim of modernizing the legislation to incorporate recent industry developments and supervisory practices.

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