New regulations affecting new Individual Retirement Savings Policies (known as “Manager’s” policies) from July 2001 introduce reduced life assurance rates, poorer annuity purchase factors, revised commission terms to brokers, and a revision of surrender values.

Further reform effective from 2004 has regulated broker commissions, reduced management charges and increased transparency.

The Commissioner of Insurance (Ministry of Finance) has continued to extend the reporting required by insurance companies to both the Ministry of Finance and to the policyholder.