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Papua New Guinea
Life Insurance (Amendment) Act 2002


Life Insurance (Amendment) Act 2002
ARRANGEMENT OF SECTIONS.
1. Interpretation (Amendment of Section 3).
2. Life insurance business (Amendment of Section 6.
3. Unauthorized operations (Amendment of Section 13).
4. Declarations that insurance business is life insurance business (Amendment of
Section 14).
5. Duration of licence (Amendment of Section 23).
6. Publication of names of licence holders (Amendment of Section 28).
7. Issue of notice or direction (Amendment of Section 29).
8. Requirement that licence holders have statutory funds (Amendment of Section
75).
9. Payment of fees (Amendment of Section 138).
10. Restrictions on establishment or maintenance of branch offices (Amendment of
Section 150).
11. Amendment of Schedule 2.
12. Amendment of Schedule 3.INDEPENDENT STATE OF PAPUA NEW GUINEA
AN ACT
entitled
Life Insurance (Amendment) Act 2002,
Being an Act to amend the Life Insurance Act 2000,
MADE by the National Parliament to come into operation in accordance with a notice in
the National Gazette by the Head of State, acting with and in accordance with, the
advice of the Minister.
1. INTERPRETATION (AMENDMENT OF SECTION 3).
Section 3 of the Principal Act is amended –
(a) by repealing the definition of "licence holder" and replacing it with the
following:–
““licence holder” means a life insurance company under this Act;”.
(b) by repealing the definition of "superannuation fund" and replacing it with
the following:–
“superannuation fund” means an indefinitely continuing fund created for
retirement or other related purposes by statute or trust deed or other
instrument;";  and
2. LIFE INSURANCE BUSINESS (AMENDMENT OF SECTION 6).
Section 6(1) of the Principal Act is amended–
(a) by repealing Paragraph (c);  and
(b) in Paragraph (d), by repealing the words " Paragraphs (a), (b) and (c)" and
replacing them with the following:–
"Paragraphs (a) and (b)".Life Insurance (Amendment)
- 2 -
3. UNAUTHORIZED OPERATIONS (AMENDMENT OF SECTION 13).
Section 13 of the Principal Act is amended –
(a) by inserting after Subsection (1) the following new subsections:–
"(1A) A person, who carries on the operations of a life insurance broker
or any aspect of a life insurance broker and has not first obtained the approval of
the Central Bank, is guilty of an offence.
"(1B) In granting approval to carry on the operations of a life insurance
broker or any aspect of the business of a life insurance broker, the Central Bank
shall be satisfied that –
(a) the life insurance broker and its directors and officers are fit
and proper persons in accordance with the requirements of
this Act;   and
(b) the life insurance broker maintains professional indemnity
and other insurances to an adequate level;   and
(c) the life insurance broker maintains trust accounts for the
receipt and payment of client's moneys."; and
(b) by repealing Subsection (1)(c).
4. DECLARATIONS THAT INSURANCE BUSINESS IS LIFE INSURANCE
BUSINESS (AMENDMENT OF SECTION 14).
Section 14 of the Principal Act is amended–
(a) by repealing Subsection (2) and replacing it with the following:–
"(2) The Central Bank may, on application of a licence holder
or where it considers necessary, declare that a certain business –
(a) that is carried on by a licence holder;  or
(b) that the licence holder proposes to carry on;  or
(c) that is carried on by an entity which is not a licence
holder under this Act,
is not to be treated as a life insurance business under this Act."; and
(b) by repealing Subsection (3).
5. DURATION OF LICENCE (AMENDMENT OF SECTION 23).
Section 23 of the Principle Act is amended by repealing the words “until the
expiration of 31 December of the year in which the licence took effect or was last
renewed.”.Life Insurance (Amendment)
- 3 -
6. PUBLICATION OF NAMES OF LICENCE HOLDERS (AMENDMENT
OF SECTION 28).
Section 28 of the Principal Act is amended–
(a) in Subsection (1), by repealing Paragraph (b) and replacing it with the
following:–
"(b) life insurance brokers; or
(c) exemptions and any conditions attached to such exemptions.";  and
(b) in Subsection (2), by inserting after the words "licence holders" the
following:–
", life insurance brokers";  and
(c) in Subsection (3), by inserting after the words "licence holders" the
following:–
", life insurance brokers";  and
(d) in Subsection (5), by inserting after the words "licence holder's" the
following:–
"or life insurance broker's".
7. ISSUE OF NOTICE OR DIRECTION (AMENDMENT OF SECTION 29).
Section 29(1) of the Principal Act is amended by inserting after the words "but
not limited to," the following:–
"a life insurance broker,".
8. REQUIREMENT THAT LICENCE HOLDERS HAVE STATUTORY
FUNDS (AMENDMENT OF SECTION 75).
Section 75 of the Principle Act is amended by repealing Subsection (2).
9. PAYMENT OF FEES (AMENDMENT OF SECTION 138)
Section 138 of the Principal Act is amended by inserting after Subsection (2) the
following new subsection:–
“(2A) Each life insurance broker shall pay an application fee to the Central Bank
in the amount and in the manner prescribed by the regulations.”.10. RESTRICTION ON ESTABLISHMENT OR MAINTENANCE OF
BRANCH OFFICES (AMENDMENT OF SECTION 150).
Section 150 of the Principal Act is amended by repealing Subsection (2)
and replacing it with the following:–
"(2) A licence holder is guilty of an offence where it undertakes any of
the following:–
(a) opens or establishes, whether on its own account or in
conjunction with others, a branch or representative office; or
(b) incorporates or establishes an interest in any business,
whether on its own account or in conjunction with others,
without the approval of the Central Bank.".
11. AMENDMENT OF SCHEDULE 2.
Schedule 2 of the Principle Act is amended in Section 1 by inserting after the
words “licence holder” the following :–
“, life insurance broker”.
12. AMENDMENT OF SCHEDULE 3.
Schedule 3 of the Principle Act is amended by repealing the words “Life
Insurance Broker".
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Relevant link
Law on Social Insurance of Occupational Accidents and Occupational Diseases [2011-11-10]
Law on Social Insurance of Occupational Accidents and Occupational Diseases [2009-12-22]
Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) [2009-12-17]
DECISION NO S2 OF 12 JUNE 2009 CONCERNING THE TECHNICAL SPECIFICATIONS OF THE EUROPEAN HEALTH INSURANCE CARD TEXT OF RELEVANCE TO THE EEA AND TO THE EC/SWITZERLAND AGREEMENT [2009-06-12]
Law on State Social Insurance Pensions [2009-02-17]