Insurance Act 1995
Legislation prescribing OIC’s powers in respect of the authorization and prudential supervision of insurers.
The objects and functions of the OIC shall be to;
- Ensure the effective administration, supervision, regulation and control of insurance and reinsurance business in Papua New Guinea
- Formulate and enforce standards for the conduct of insurance and reinsurance business in Papua New Guinea
- License all persons involved in or connected with insurance business, including insurance and reinsurance companies, insurance and reinsurance intermediaries, loss adjusters and assessors, risk surveyors and valuers