Overall Objective

Ensure the safety and soundness of the supervised Insurance companies & intermediaries licensed under the Insurance Act. The key roles include compliance of the institutions to the Act and assisting the Controller of insurance in carrying out his duties required under Section 4 of the Act.

Industry Size

There are two (2) licensed insurers, three (3) insurance brokers and three (3) insurance agents operating in the insurance industry.  The insurers are QBE (International) Insurance Limited and Tower Insurance Limited. The brokers are BJS United Insurance Brokers Limited, MAT Insurance Brokers Limited and Solomon Insurance Brokers Limited and, the corporate agents include, Guadalcanal Travel Service Limited, OCTUS Investment PTY Limited and ANZ Banking Group Limited.

Major Duties

The major duties that are carried out by the Unit include but not limited to:

1. Receive and assess new applications from corporate applicants who are interested to provide both life and general for insurance businesses.
2. Ensure the licensed insurers, brokers and agents comply within the provisions of the Insurance Act 1985
3. Follow-up on annual renewal of registration for existing insurers and licenses for existing brokers and agents.
4. Ensure required quarterly and audited annual returns are submitted to the CBSI within the time bound required for submission. The returns are scrutinized for their accuracy before inputting into the appropriate database program.
5. Liaise with Minister of Finance to approve payments of insurance premium for classes of risks that are not offered in the country.
6. Maintain knowledge and keep abreast of developments in insurance issues.

Contact Details

The Controller of Insurance,
Governor’s Office,
Central Bank of Solomon Islands,
P.O. Box 634, Honiara

e-mail queries to info(a)cbsi.com.sb