The Office of Insurance Commissioner (OIC) was established by the Insurance Act (Chapter 255) which was repealed and replaced by the Insurance Act 1995 (the Act). The Act defines the statutory functions and responsibilities of the Insurance Commissioner who is the head of the OIC.
The OIC is an independent Office under the Ministry of Treasury and reports directly to the Minister. For administrative purposes the OIC reports to the Department of Treasury.
The OIC is a member of the International Association of Insurance Supervisors (IAIS). “The IAIS represents insurance regulators and supervisors in more than 140 countries. Its objectives are to promote global supervision of the insurance industry to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability.”
General Insurance Market
The general insurance industry plays a vital role in the economic development of Papua New Guinea
The three (3) most important aspects that the industry contributes to the economy of PNG are.
1.Providing investor confidence to enter and participate in the business sector.
2.Ensuring business continuity by restoring businesses into operation following occurrence of an insured even /loss.
3.Provision of household and personal lines insurance for individuals and families to protect their assets from insured losses and improve their welfare.