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Insurance (Amendment) Act 2008

REPUBLIC OF KIRIBATI

INSURANCE (AMENDMENT) ACT 2008
(No. 7 of 2008)

I assent,

Beretitenti
Assented: 8th September 2008

AN ACT TO AMEND THE INSURANCE ACT (CAP.45A) TO REMOVE THE KIRIBATI INSURANCE CORPORATION’S MONOPOLY; AND FOR CONNECTED PURPOSES

Commencement: 2008

MADE by the Maneaba ni Maungatabu and assented to by the Beretitenti

1. Short title

This Act may be cited as the Insurance (Amendment) Act 2008.

2. Meaning of ‘principal Act’

In this Act ‘the principal Act’ means the Insurance Act (Cap.45A).

3. Amendment of section 2

Section 2 of the principal Act is amended by repealing the definitions of ‘agent’, ‘appointed date’, ‘broker’, ‘insurer ’,‘ Kiribati businesses and ‘policy’.

4. Repeal of section 3

Section 3 of the principal Act is repealed.

5. Amendment of section 7

Section 7 of the principal Act is amended by repealing ‘The’ and substituting ‘Subject to section 35 of the Interpretation and General Clauses Ordinance, the’.

INSURANCE (AMENDMENT) ACT 2008

EXPLANATORY MEMORANDUM

Section 4 of this short Act repeals section 3 of the Insurance Act (Cap.45A). When the Act was passed it was considered that the insurance market in Kiribati was too small and, in order to prevent the small market from being fragmented, it was necessary to give the Insurance Corporation exclusive rights to operate. With the passage of time, it is now felt that the insurance sector is ready to welcome other players. The repeal of section 3 will remove the statutory barrier to competition.

The Act also serves to repeal definitions that are no longer used with the repeal of section 3 (section 3), and to clarify the powers of the Minister with respect to the terms of appointment of the Board under section 7 (section 5).

Titabu Tabane
Attorney General
13 March 2008