Following the presentation of the Budget Speech for 2016/2017 by the Cabinet Secretary for the National Treasury, the Insurance Regulatory Authority (IRA) would like to draw the public’s attention to the following proposed and effected changes affecting the insurance industry.

1. Harmonization of the Finance Act, 2015 with Capital Adequacy Provisions
2. Harmonization of Finance Act, 2015 with the concept of Market Consistent Valuation Methodology.
3. Period of Settlement of the Claim
4. Creating new classes of long term Insurance Business
5. Takaful
6. The Insurance Regulations are amended by deleting and replacing the schedules 4th, 5th, 6th, 7th, and 8th in order to harmonize with the requirement of the Gross premium Valuation