The Office of the Insurance Commissioner (OIC) is dedicated to fostering a fair, stable, and competitive insurance market in Papua New Guinea in accordance with the Insurance Act 1995. We work to protect consumers, ensure the solvency of general insurance companies, and promote public confidence in the general insurance sector through diligent regulation and transparent operations.
Our commitment is to the people and businesses of Papua New Guinea, ensuring that the general insurance industry operates with integrity and meets the evolving needs of our nation.
To regulate the general insurance industry effectively, protect the rights of policyholders, and contribute to the financial stability and economic development of Papua New Guinea.
Vision
To be an effective regulator of the general insurance industry in Papua New Guinea
Mission
Regulate and grow the general insurance industry to foster socio-economic growth and safeguard the policy holders.
Values
People are our most valuable resource in fulfilling our roles and our commitment to work effectively is based on six core values:
To deliver on these values, the OIC will provide a stable, satisfactory and conducive working environment that will assist each employee to realize their full potential and deliver quality performance.
To be effective, the OIC will continue to examine its Organizational Structure with a view to refining and improving service delivery.
"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 general insurance industry can thrive responsibly, contributing to the nation's economic resilience and the well-being of its citizens."
Ensuring a fair and stable general insurance market for all stakeholders effectivly and diligently.
Monitoring the practices of insurers, brokers, reinsurers and loss adjusters to ensure fair treatment of consumers and adherence to ethical standards.
Safeguarding the interests of policyholders through education, complaint resolution, and ensuring clarity in general insurance products.
Ensuring the financial soundness and solvency of general insurance companies to protect policyholders' interests and maintain market stability.
Managing the licensing process for all general 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 organisations to enhance the general 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 general 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.
