The Insurance Industry is governed by Insurance Act 2006, ACT 724. This Act complies significantly with the International Association of Insurance Supervisors (IAIS) Core Principles and gives better regulatory powers to the National Insurance Commission. (See Act and Regulations for more information on the Act). 

The Act among other things prohibits composite insurance companies. All composite insurance companies therefore had to separate their life and nonlife operations into different companies by December 2007.