Act 2016
Insurance and Reinsurance Business and Other Related Matters Law of 2016 (Ο περί Ασφαλιστικών και Αντασφαλιστικών Εργασιών και Άλλων Συναφών Θεμάτων Νόμος του 2016, 38(I)/2016)
Plain-English summary
Regulates the taking up and pursuit of direct insurance and reinsurance, including authorisation, the supervisory authority, conditions for carrying on business, technical provisions, own funds and capital requirements, firms in financial difficulty, cross-border business and third-country undertakings. Latest amendment shown on CyLaw is 17(I)/2025.
Who it applies to
Insurance
Topics
Prudential & Capital Insurance & Pensions
Latest news
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RBI extends supervisory directions for Industrial Co-operative Bank Ltd.
3 Oct 2026
The Reserve Bank of India has extended supervisory directions issued to The Industrial Co-operative Bank Ltd., Guwahati under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive…
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RBI finalizes Basel III market risk capital requirements for banks
26 Sep 2026
The Reserve Bank of India has issued final Directions on minimum capital requirements for market risk under the revised Basel III framework, effective April 1, 2027. The framework adopts the Simplified Standardised…
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RBI penalizes gold-loan fintech KLM Axiva Finvest Limited for auction surplus non-payment
26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of ₹2.70 lakh on KLM Axiva Finvest Limited for regulatory non-compliance discovered during statutory inspection. The company failed to remit surplus amounts to…