The Office of Insurance Commissioner (OIC) was established by an Act of Parliament in 1974. That Act was repealed and replaced by the Insurance Act 1994 (the Act). The Act defines the statutory functions and responsibilities 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.”