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ST HELENA REGULATORY AUTHORITY CRACKS DOWN ON INSURANCE FIRMS

St Helena, March 15, 2023 - The Regulatory Authority has announced new measures to govern the licensing and operation of insurance businesses on St Helena.

New Licensing Requirements

Under the revised regulations, the Authority will now have the power to grant licenses to foreign insurance firms operating outside St Helena, provided they meet certain stringent requirements. These include:

  • Meeting specific standards for financial stability
  • Demonstrating sufficient control and oversight from their country of origin

The Authority will also be able to dispose of any conditions or restrictions attached to such licenses if it is satisfied that the corresponding authority in the country of origin has sufficient control and oversight over the business.

Restricting and Revoking Licenses

The Authority has introduced measures to restrict and revoke licenses in cases where insurance firms fail to comply with regulations, including:

  • Failure to commence operations within a specified timeframe
  • Bankruptcy or liquidation
  • Merger or dissolution
  • Concealing false information during the licensing process

In addition, the Authority may impose restrictions on licenses if an insurance firm fails to meet certain conditions, such as:

  • Maintaining adequate resources
  • Carrying on business in St Helena for more than six months
  • Failing to comply with regulatory requirements

Appeals Process

The Authority has also introduced a new appeals process, allowing aggrieved parties to seek a review of decisions made by the Authority. This includes decisions regarding license grants, restrictions, revocations, and other matters.

Commitment to Integrity and Stability

“These measures are designed to ensure that insurance firms operating on St Helena meet the highest standards of integrity and stability,” said [Name], Director-General of the Regulatory Authority. “We are committed to protecting the interests of depositors, investors, and creditors, and these new regulations will help us achieve that goal.”

Implementation

The revised regulations take effect immediately, with a transitional period for existing insurance firms to comply with the new requirements.

Contact Information

  • [Name]
  • Email: [email address]
  • Phone: [phone number]

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