An amendment to the Insurance and Reinsurance Services and Other Related Matters Law of 2016 (Law 38(I)/2016, “the Law”) was recently voted by the Parliament of Cypriot Republic, introducing some provisions relating mainly to the Commissioner of Insurance.
On March 23, a proposal for the amendment of the Law, was registered by the Minister of Finance, having been filed, and referred to the parliamentary finance and budget committee for approval. The Parliamentary Finance and Budget Committee examined the above legislative bill in six different parliamentary sessions that had taken place between May 8 and July 3 of 2023. As part of the committee meetings, representatives of the Ministry of Finance, the Ministry of Labour and of Social Insurance, the Law Office of the Republic, the Insurance Association of Cyprus (IAC) and the Pancyprian Association of Professional Insurance Intermediaries (PSEAD) were involved.
On July 6, the bill was placed for voting in the plenary session and has been overwhelmingly voted.
The purpose of the bill was to amend the Law, so that, in the event of the absence of the Insurance Commissioner or vacancy and until the position is filled, a Senior Insurance Companies Audit Officer may be appointed, in addition to the Assistant Insurance Commissioner of Insurance Companies, in order to perform substitute duties of the Commissioner of Insurance.
It is important to note that the Commissioner of Insurance is in charge of the Insurance Companies Audit Service (article 30(2) of the Law) and is assisted in the exercise of his powers by Assistant Commissioners, who are administratively subordinate to the commissioner (article 30(3) of the Law). In accordance with the reservation of article 30(3) of the Law, the number of positions of assistant registrars is determined in the respective budget law, under the chapter concerning the audit service of insurance companies.
The Council of Ministers decided to appoint two senior insurance company audit officials as assistant insurance commissioners, which follows from Article 4 of the Law. It is pointed out that the appointment by the Council of Ministers was carried out based on article 4(3) of the 2002-2013 Law on the practice of insurance work and other related matters, which has been repealed. It is noted that although there are two senior insurance company control officers serving in the insurance company service, however, only the one who has been appointed by the Council of Ministers can exercise his duties.
By Christos Raounas
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