Insurance laws Kiribati
Kiribati's insurance sector is primarily governed by the Insurance Act, which establishes the Kiribati Insurance Corporation (KIC) as the sole provider of insurance services in the country.
📜 Key Legislation
Insurance Act:This Act mandates that the Kiribati Insurance Corporation is the exclusive provider of insurance services within the nation It outlines the Corporation's responsibilities, including the types of insurance products offered and the regulatory framework within which it operates
🏢 Kiribati Insurance Corporation (KIC)
Established on June 1, 1981, under Cap45A of the laws of Kiribati, the KIC is the sole insurer in the countr. It offers a range of insurance products to the people of Kiribati, includin:
Marine Insurance Covers loss or damage to ships, cargo, and transport during transi.
Motor Insurance Provides coverage for vehicles against accidents and damage.
Fire Insurance Protects against losses due to fire incident.
Life Insurance Offers financial security in the event of death or disabilit.
Workmen's Compensation Covers employees for injuries sustained during employmen.
Aviation Insurance Provides liability coverage for aircraft operation.
General Accidents and Liability Insurance Includes policies like burglary, public liability, and business interruptio.
🧾 Consumer Protection
While specific consumer protection laws are not detailed in the available resources, the existence of the Insurance Act and the regulatory oversight by the Kiribati Insurance Corporation suggest a framework aimed at ensuring fair practices and safeguarding the interests of policyholdes.
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