INSURANCE

CHAPTER 47:01
INSURANCE

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

    3.    Principal object of this Act

    4.    Application of the Financial Services Act

    5.    Licensing and registration procedures

PART II
INSURERS

    6.    Categories and classes of insurance

    7.    Insurers to be licensed

    8.    Registration criteria

    9.    Reasons for rejecting an application for a licence

    10.    Commencement of business

    11.    Suspension and revocation of licences

    12.    Revocation of licence on ceasing to carry on business

    13.    Margin of solvency sufficient for the purposes of carrying on insurance business

PART III
PROVISIONS GOVERNING THE CARRYING ON OF INSURANCE BUSINESS BY INSURERS

    14.    Application of Part III

    15.    Insurers to maintain principal office and appoint principal officer

    16.    Reinsurance

    17.    Reinsurance contracts of insurers

    18.    Insurance business to be placed within Malawi

    19.    Annual financial statements

    20.    Request for audit by shareholders

    21.    Audit for external reinsurer

    22.    Appointment of an actuary

PART IV
SPECIAL PROVISIONS GOVERNING THE CARRYING ON OF LIFE INSURANCE BUSINESS BY INSURERS

    23.    Application of Part IV

    24.    Life insurers carrying on business other than life insurance business

    25.    Actuaries of life insurers

    26.    Assets of insurer may include shares in holding company

PART V
LICENSING OF INSURANCE BROKERS

    27.    Insurance brokers to be licensed

    28.    Insurance brokers to maintain professional indemnity and fidelity insurance policies

    29.    Termination of an insurance broker’s appointment

    30.    Revocation of licence at the request of an insurance broker, etc.

    31.    Trust funds

    32.    Directives for insurance brokers

PART VI
LICENSING OF AGENTS FOR BROKERS

    33.    Agents for brokers to be licensed

    34.    Licensing for agents for brokers, etc.

    35.    Misrepresentation prohibited

    36.    Termination of agency

    37.    Agent for broker

    38.    Suspension and revocation of insurance agent’s for brokers licences

PART VII
LICENSING OF INSURANCE AGENTS

    39.    Insurance agents to be licensed

    40.    Licensing insurance agents, etc.

    41.    Misrepresentation prohibited

    42.    Termination of agency

    43.    Agent for insurer

    44.    Suspension and revocation of insurance agents’ licences

PART VIII
COLLECTION OF PREMIUMS BY BROKERS OR AGENTS

    45.    Interpretation of terms in Part VIII

    46.    Collection of premiums

PART IX
LICENSING OF LOSS ASSESSORS/ADJUSTORS, AND CLAIMS SETTLING AGENTS

    47.    Loss assessors/adjustors and claims settling agents to be licensed

    48.    Licensing loss assessors/adjustors and claims settling agents

PART X
INVESTMENTS, LOANS AND OWNERSHIP

    49.    Investments and lending policies

    50.    Approval of investments

    51.    Acquiring ownership interest

    52.    Investment of assets

    53.    Prudential limits

    54.    Disposal of loans and investments

    55.    Restriction of control

    56.    Amalgamation or transfer of insurance business

PART XI
WINDING-UP OF INSURANCE COMPANIES

    57.    Companies Act to apply

    58.    Winding-up of an insurance company

    59.    Rights of an insured person

    60.    Distribution of insurer’s assets

    61.    Unclaimed money

PART XII
MISCELLANEOUS PROVISIONS

    62.    Other actions requiring prior approval of the Registrar

    63.    Disqualification of directors

    64.    Insurers to appoint licensed agents or brokers

    65.    Settlement of claims by insurers

    66.    Service of process against insurers

    67.    Action by policy-owners against insurers

    68.    Deposit of approved securities

    69.    Documents to be signed and accompanied by copies

    70.    Sums insured, etc., to be stated in currency of Malawi

    71.    Default of an insurer, etc., not to invalidate policy

    72.    Policies to be printed in clearly legible letters, etc.

    73.    Persons acting on behalf of unlicensed insurers

    74.    References to insurance companies in other written laws

    75.    Inconsistency with the Companies Act

    76.    Contravention of this Act, regulations, or directives

    77.    Penalties

    78.    Regulations

    79.    Compliance with this Act

    80.    Repeal and savings

    

CHAPTER 47:01
INSURANCE

9 of 2010
G.N. 12/2010

    An Act to provide for the supervision and regulation of the insurance industry and for matters connected therewith or incidental thereto

PART I
PRELIMINARY

1.    Short title

    This Act may be cited as the Insurance Act.

2.    Interpretation

    (1) In this Act, unless the context otherwise requires—

    “agent for brokers” means a person acting as an agent for a broker;

    “approved securities” means securities issued by the Government and such other securities as the Registrar may approve;

    “chairperson”, includes an individual presiding over a board of directors or other governing body;

    “executive officer”, means any person who is an officer of an insurer, insurance broker or insurance agent, including the chief executive officer, deputy chief executive officer, financial controller, actuary, underwriting manager, claims manager (or their…