Fijian Insurance Industry is Regulated by the Reserve Bank of Fiji

Date: 2015-09-02

“• The Fijian insurance industry is regulated by the Reserve Bank of Fiji.

• Non-admitted insurers and intermediaries are not permitted in the Fijian insurance industry. However, non-admitted treaty and facultative reinsurers are permitted in Fiji.

• The life and general insurance businesses in Fiji are regulated by the provisions of the Insurance Act 1998.

• Motor third-party liability insurance and workmen’s compensation insurance are mandatory policies in Fiji.

• The Fiji Islands Revenue and Customs Authority levies VAT at a rate of 12.5% on general insurance products, whereas life insurance products and services are exempted.”

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