- Laws of Fiji

Last Updated: 1 August 2022

(1) An insurer licensed to carry on any class of life insurance business must maintain at all times—

(a)if the insurer has a share capital, paid-up capital of not less than $1 million;
(b)a surplus of assets in Fiji over liabilities in Fiji of not less than—
- (i)$1 million; or
- (ii)the sum of 5% of the amount of net liabilities under life policies in Fiji up to net liabilities of $100 million plus 2.5% of the amount of net liabilities under life policies in Fiji that exceed $100 million,
whichever is the greater;
(c)if the insurer is incorporated in Fiji, a surplus of assets over liabilities of—
- (i)$1 million; or
- (ii)the sum of 5% of the amount of net liabilities under life policies up to net liabilities of $100 million plus 2.5% of the amount of net liabilities under life policies that exceed $100 million,
whichever is the greater.

(2) An insurer licensed to carry on any class of general insurance business must maintain at all times—

(a)if the insurer has a share capital, paid-up capital of not less than $1 million;
(b)a surplus of assets in Fiji over liabilities in Fiji of not less than—
- (i)$1 million;
- (ii)20% of net premium income derived in Fiji during the last 12 months; or
- (iii)15% of net claims outstanding provision in respect of policies in Fiji,
whichever is the greatest;
(c)if the insurer is incorporated in Fiji, a surplus of assets over liabilities of—
- (i)$1 million;
- (ii)20% of net premium income derived during the last 12 months; or
- (iii)15% of net claims outstanding provision,
whichever is the greatest.