The Laws of Fiji
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Last Updated: 1 August 2022
AN ACT TO PROVIDE FOR THE REGULATION OF THE BUSINESS OF INSURANCE, FOR THE LICENSING AND SUPERVISION OF INSURERS AND INSURANCE INTERMEDIARIES, AND FOR RELATED MATTERS
[INS 160] No restriction on selection of insurer160
160
- (a)a bank, as defined in the Banking Act 1995;
- (b)a financial institution, as defined in the Banking Act 1995;
- (c)a body corporate incorporated or empowered by an Act to lend money in accordance with the Act;
- (d)a moneylender, as defined in the Moneylenders Act 1938;
- (e)any other person or class of person whose business includes the lending of money or the provision of credit, and who or which is specified by the Minister in the Gazette,
is prohibited from requiring, as a condition for making a loan, that the person applying for the loan must insure any risk with a particular insurer or class of insurer.
(2) A person specified in subsection (1) who contravenes that subsection commits an offence and is liable on conviction to a fine of $10,000 and if the offence is a continuing one, to a further fine of $1,000 a day for every day during which the offence continues.
(3) A policy of insurance issued in contravention of subsection (1) is not invalidated by reason only of that contravention.