Act 2020
Lei n.º 21/2020 Alteração ao Decreto-Lei n.º 27/97/M, de 30 de Junho (Law 21/2020, Amendment to Decree-Law 27/97/M)
Issued by Monetary Authority of Macao
Plain-English summary
Excludes insurance mediation from the definition of insurance activity (Art. 2) and widens the monetary authority's supervisory powers, including special inspections, information requests, consolidated supervision of insurers' subsidiaries and cross-border cooperation (Art. 10). It sets minimum capital for insurers at MOP 30 million for general insurance and MOP 60 million for life insurance (Art. 17); existing insurers have 18 months to adjust to the capital and solvency margin rules (Art. 3). Published in Boletim Oficial No. 38 of 21 September 2020 and in force the day after publication (Art. 6).
Who it applies to
Insurance
Topics
Prudential & Capital Insurance & Pensions
Latest news
-
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…
-
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…
-
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…