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INSURANCE & PENSIONS COMMISSION BILL

INSURANCE AND PENSIONS COMMISSION AMENDMENT BILL, 2021.
Memorandum
The purpose of this Bill is to amend the Insurance and Pensions Commission Act
[Chapter 24:21].The individual clauses of the Bill are explained below:
Clause 1
This clause sets out the Bill’s short title.

Clause 2
This clause amendssection 2 by the repeal of the definition of “appointed member”
and the substitution of “appointed director” and by the insertion of new definition of
“independent director or trustee”.

Clause 3
This clause inserts new section 3A to provide for the objects of the Commission.

Clause 4
This clause amends section 4 by adding functions of the Commission.

Clause 5
This clause amends section 5 by increasing the number of members of the Board of
the Commission from five to seven and to provide for the criteria for their appointment.

Clause 6
This clause amends section 6 of the Insurance and Pensions Commission Act by
the addition of another ground of disqualification for appointment as a member and by
providing for what constitutes conflict of interest.

Clause 7
This clause amends section 7 by increasing the term of office and conditions of
service members from three years to four years and to prescribe for the eligibility of
members for reappointment for a further four-year term only.

Clause 8
This clause amends section 13 by increasing the number of people who can call for a
special meeting s of the Board from two members to two-thirds of the members.

Clause 9
This clause amends section 14 to provide for the mandatory establishment of
Committees of the Board which the Board may vest some of its functions for better
excise of its functions.

Clause 10
This clause amends section 23 by the deletion of the word “Commissioner”
wherever it appears and the substitution of “Commission” and by the inclusion of any
other persons conducting insurance business and pension related business among entities
which may be required to furnish such statistics and information as may be requested
by the Commission.

Clause 11
This clause amends the Insurance and Pensions Commission Act by the insertion
of new Part IIA and Part IIB after Part II to provide for provisions relating to the Commission’s cooperation with other authorities, treatment of records obtained from
foreign law enforcement authorities, sharing of privileged information with other
supervisory authorities and nondisclosure of privileged information provided to the
Commission. Part IIB provides for the establishment of the Policyholder and Pensions
and Provident Fund Members Protection fund, establishment of the Policyholder and
Pensions and Provident Fund Members Protection Fund Board, functions of the Board,
holding and investment of fund and to provide for other things relating to the fund
which among other things include the powers of the Board to make regulations.

Clause 12
This clause amends section 27 by the deletion of “As soon as possible” and the
substitution of “Within three months”.

Clause 13
This clause amends Part V by the insertion of new sections 32A, 32B and 32C to
provide for the indemnity of members and employees of the Commission, keeping of
asset register and to provide for the procedure of appeals against the decisions of the
Commission respectively.