The purpose of the Insurance Bill, 2016 is to provide a new regulatory framework for the insurance industry and to continue to provide for the regulation of privately administered pension fund plans and to repeal the existing Insurance Act, Chap. 84:01. The Bill as introduced requires a special (three-fifths) majority in order to be passed.
The Insurance Bill, 2016
An Act to repeal and replace the Insurance Act, Chap. 84:01; to reform the law relating to insurance companies; to regulate insurance businesses and privately administered pension fund plans and for other related purposes