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Insurance
Responsible for the regulation and supervision of licensed insurance persons under the Insurance Act.
The Office of Supervisor of Insurance & Private Pensions (OSIPP) is a Department of the Ministry of Finance.
To protect the interest of the public, whether as a consumer or third party. This is done through the monitoring of insurance entities and pension administrators to ensure financial stability and use of fair business practices while carrying out their business operations. These roles and responsibilities are acquired through the Insurance Act and Private Pensions Act with their respective Regulations.
Critical functions and responsibilities are also assigned under the Motor Vehicle Insurance (Third Party Risks) Act and the Money Laundering & Terrorism (Prevention) Act.
Our mission is to protect the interests of insurance policyholders and members of private pension plans by effectively and impartially regulating, supervising, and promoting the development of innovation by fostering financially stable and operationally viable insurance and pension markets; in addition, investigate complaints and endorse awareness and service to the public.
To proactively internalize international best practices in the supervision and regulation of the insurance and pension sectors, to improve conduct of business by modernizing operations for optimal performance and risk management, and to apply proportionality for the benefit and financial inclusion of all members of society.
