The Objects of the Bill are:

a. provide for the regulation of the insurance industry; 

b. provide for the supervision of insurers, reinsurers and intermediaries; 

c. provide for the financial regulation of insurers, reinsurers and intermediaries; 

d. provide for the regulation and supervision of microinsurance businesses; 

e. provide for the management and shareholding of insurers, reinsurers and intermediaries;

f. provide for the auditing and corporate responsibility of insurers, reinsurers and insurance brokers; 

g. continue the existence of the Policyholders’ Protection Committee and the Insurance Fidelity Fund; 

h. provide for the establishment of the National Reinsurance Company; 

i. give effect to the Agreement establishing the African Reinsurance Corporation and the j Agreement establishing the ZEP-RE (Preferential Trade Area Reinsurance Company); 

j.repeal and replace the Insurance Act, 1997; and
k. provide for matters connected with, or incidental to, the foregoing.