The Office of the Insurance Commissioner (OIC) is dedicated to fostering a fair, stable, and competitive insurance market in Papua New Guinea. We work to protect consumers, ensure the solvency of insurance companies, and promote public confidence in the insurance sector through diligent regulation and transparent operations.
Our commitment is to the people and businesses of Papua New Guinea, ensuring that the insurance industry operates with integrity and meets the evolving needs of our nation.
To regulate the insurance industry effectively, protect the rights of policyholders, and contribute to the financial stability and economic development of Papua New Guinea.
We strive to ensure that all insurance entities operate with transparency, fairness, and financial soundness, thereby building public trust.
Our impact is seen in a more resilient insurance sector, better-informed consumers, and a regulatory environment that supports sustainable growth.
The OIC is responsible for licensing and supervising insurance companies, intermediaries, and agents. We monitor their financial health, market conduct, and compliance with all applicable laws and regulations in Papua New Guinea.
We also play a crucial role in consumer education and dispute resolution, aiming to empower policyholders and ensure they are treated fairly by the industry.
"The Office of the Insurance Commissioner is steadfast in its mission to ensure a robust and trustworthy insurance sector for Papua New Guinea. We are committed to transparent regulation, diligent oversight, and the protection of all policyholders. Our focus remains on fostering an environment where the insurance industry can thrive responsibly, contributing to the nation's economic resilience and the well-being of its citizens."
Ensuring a fair and stable insurance market for all stakeholders.
Monitoring the practices of insurers and intermediaries to ensure fair treatment of consumers and adherence to ethical standards.
Safeguarding the interests of policyholders through education, complaint resolution, and ensuring clarity in insurance products.
Ensuring the financial soundness and solvency of insurance companies to protect policyholders' investments and maintain market stability.
Managing the licensing process for all insurance entities operating in Papua New Guinea, ensuring they meet the required standards.
Developing and implementing regulatory policies and frameworks that adapt to the evolving insurance landscape and international best practices.
Working collaboratively with industry stakeholders, government bodies, and international organizations to enhance the insurance sector.
The OIC operates with a deep understanding of the insurance sector, employing skilled professionals dedicated to upholding the highest standards of regulatory practice.
We are committed to continuous improvement and proactive regulation to ensure the long-term stability and trustworthiness of the PNG insurance market.
The OIC employs robust strategies for market surveillance and regulatory implementation, ensuring compliance and fostering a healthy insurance ecosystem in Papua New Guinea.
Our approach is proactive, adapting to new challenges and opportunities to maintain the integrity of the insurance sector and protect the interests of all stakeholders.
The OIC utilizes comprehensive data and analytics to inform its regulatory decisions, ensuring a proactive and responsive approach to market supervision and consumer protection.
Our digital platforms facilitate efficient reporting and communication, enhancing transparency and accessibility for all industry participants.
