Under the new twin peaks model of regulation, the Prudential Authority and the Financial Sector Conduct Authority (FSCA) issued Joint Communication 1 of 2018. This communication sets out the status of all instruments issued under both the Long-term and Short-term Insurance Acts from the effective dates of these Acts up until 1 July 2018 when the Insurance Act commenced.
The Insurance Act provides for the prudential legislative framework for insurers and repealed section in the Long-term and Short-term Insurance Acts. The Prudential Authority is responsible for the Insurance Act and the FSCA is the responsible authority for the Long-term and Short-term Insurance Acts.
Not all of the instruments issued under the Long-term and Short-term Insurance Acts remain in force and this Joint Communication lists those instruments which remain in force, are withdrawn or lapsed on the effective date of the Insurance Act and are no longer relevant.
Click here to read the communication.