Newsletter
INSURANCE ACT AMENDED
Amendments to the Insurance Act were prom-ulgated by the President on 4 February 2004. While criminal penalties for certain unlawful acts are increased, the amendments abolish criminal penalties for a failure to comply with the requirement for a super-majority resolution of an insurer's board of directors when loans grants to interested parties exceed a certain amount, and for exceeding the limits on the total amount that may be loaned to interested parties, and on the amount that may be loaned to each interested party. In future such violations will only trigger administrative fines.