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Insurance Act, 2017 (Act No. 18 of 2017)

Chapter 7 : Reporting and Public Disclosures

45. Annual disclosures

 

(1) An insurer and a controlling company must annually, by no later than four months after its financial year end, publicly disclose the prescribed quantitative and qualitative information in full, or by way of prominent references to information equivalent in nature and scope disclosed publicly under any other law or legal obligation, in the form and manner as may be prescribed.

 

(2)
(a) The Prudential Authority may approve the non-disclosure of specific information if the disclosure thereof—
(i) may afford the competitors of the insurer or controlling company undue advantage;
(ii) is subject to contractual obligations of secrecy and confidentiality;
(iii) may negatively impact on the financial soundness of the insurer or controlling company; or
(iv) may negatively impact on the financial stability of the insurance sector.
(b) If the Prudential Authority approves the non-disclosure of specific information, the Prudential Authority may direct the insurer or the controlling company to include a statement to this effect and the reasons therefore in its disclosure.

 

(3)
(a) In the event of any major development affecting the relevance of the information disclosed in accordance with subsection (1), an insurer or a controlling company must publicly disclose appropriate information on the nature and effects of that major development, unless the Prudential Authority has approved that such disclosure need not be made.
(b) For the purposes of paragraph (a), "a major development" means any non-compliance with this Act or any review, investigation or verification required by the Prudential Authority in accordance with this Act.
(c) In the circumstances referred to in paragraph (a), an insurer or a controlling company must immediately publicly disclose the extent of non-compliance, an explanation of the reasons for the non-compliance, the consequences thereof, and the remedial measures taken by the insurer, unless the Prudential Authority has approved that such disclosure need not take place.