Week of
Nigeria, Panama, Libya and Sri Lanka published insurance, payments and suitability measures this week. The National Insurance Commission in Nigeria directed licensed insurance operators to use the Federal Government's Revenue Optimization Platform as the gateway for all transactions with the Commission, citing transparency, transaction monitoring and accurate reporting of revenues and statutory remittances. Panama's Superintendence of Insurance and Reinsurance opened a public consultation on a draft Agreement setting rules for permitted investments held in custody houses, circulated for comment under the procedure in Agreement No. 02-2012. The Central Bank of Libya issued instructions allowing licensed electronic payment companies to open electronic wallets for legally resident foreigners, subject to a valid passport or residence permit and a phone number registered in the customer's name, and set daily transfer ceilings between electronic wallets that differ for Libyan citizens and foreigners, with follow-up through field inspections. The Insurance Regulatory Commission of Sri Lanka directed insurers to ensure directors, senior management, key persons in control functions and beneficial owners remain suitable for their roles, requiring self-assessments and notification of material adverse events, changes and appointments, though the document is marked as cancelled in view of a revised direction. The week spans insurance supervision in three countries and payments in one, with two binding circulars, one directive and one consultation.
Libya
Circular/ B M S D No. (2026/9)
Issues instructions from the Central Bank of Libya allowing licensed electronic payment companies to open electronic wallets for legally resident foreigners, subject to valid passport or residence permit and a phone number registered in the customer's name linked to the passport. It also sets daily transfer ceilings between electronic wallets that differ for Libyan citizens and foreigners, and requires companies to implement the instructions promptly, with ongoing follow-up through field inspections by the Banking and Monetary Supervision Department.
CircularTranslated to EnglishArabicPaymentsAnti-money laundering
Nigeria
IMPLEMENTATION OF REVENUE OPTIMIZATION PLATFORM (REVOP)
The National Insurance Commission directs all licensed insurance operators in Nigeria to use the Federal Government's Revenue Optimization Platform (RevOP) as the gateway for all transactions with the Commission. The platform is intended to enhance transparency, improve transaction monitoring, and ensure accurate reporting of revenues and statutory remittances to the Federal Government. Operators must follow the prescribed steps to generate bills and make payments through the platform.
CircularPublished in EnglishEnglishReporting requirements
Panama
Draft Agreement "Establishing provisions for permitted investments in custody houses"
The Superintendence of Insurance and Reinsurance of Panama notifies insurers, reinsurers and their associations that a public consultation process has been opened on a draft Agreement establishing rules for investments held in custody houses. The notice is published on the regulator's website, and the draft agreement is being circulated for comment under the procedure set out in Agreement No. 02-2012.
Consultation paperTranslated to EnglishSpanish
Sri Lanka
Direction to Insurers on Suitability of Persons
The Insurance Regulatory Commission of Sri Lanka directs insurers to ensure that their Directors, Senior Management, Key Persons in Control Functions and Beneficial Owners are and remain suitable for their roles, assessed on competence, integrity and financial soundness. Insurers must conduct internal self-assessments and notify IRCSL of material adverse events, changes or appointments, and annually, within fourteen working days. The Direction, issued under Section 96A of the Regulation of Insurance Industry Act, No. 43 of 2000, sets out assessment criteria, record-keeping duties and regulatory measures for non-compliance; the document is marked as cancelled in view of Direction 3 of 2026 (revised) issued on 01.10.2026.
DirectivePublished in EnglishEnglishCorporate governanceReporting requirements
Generated by AI from the original publication: extracted, summarised and translated to English. In case of discrepancy, the original prevails; verify against it before relying on this summary.