The Cook Islands is expected to meet certain international standards for the regulation of its financial services sector. In the case of insurance the Insurance Act, Insurance Regulations, Insurance Code and Prudential Regulations have been designed to ensure a robust system of regulation in accordance with Insurance Core Principles.
The Insurance Act 2008 came into effect on 1 January 2009 with transitional provisions in place to 1 March 2010.
The Act is underpinned by a Code and Regulations. The Code, which has legislative effect in accordance with section 96(7) of the Act, received approval by Executive Council on 5 March 2010.