Samoa’s Central Bank, acting as the Office of the Insurance Commissioner, has officially closed South Seas Financial Services (SSFS), an insurance broker company. This closure was confirmed through a press release issued this week. The decision aligns with Section 23(2) of the Insurance Act 2007, which mandates the return of SSFS’s statutory deposit.
Policyholders who paid insurance premiums through SSFS between April 2020 and the present are now eligible to apply for reimbursement of their funds. To facilitate this process, relevant supporting documents of premium payments must be provided.
The reimbursement period, as announced by the Central Bank of Samoa (C.B.S.), will commence on February 21st and conclude on June 30th, 2024. After this date, no further claims will be accepted, and any remaining funds will revert to SSFS.
Furthermore, the Central Bank cautioned existing policyholders against fraudulent activities, emphasizing that any attempts to deceive the bank through false claims regarding insurance premiums or unclaimed money will be met with legal consequences.
In adherence to regulations, every licensed insurance broker and agent is obligated to maintain a deposit or provide a guarantee of $50,000. Brokers are also required to hold an amount equivalent to the deductible or excess applicable to professional indemnity and fidelity guarantee insurance policies, whichever is greater.
Source: Samoa Observer
Tapunia le Kamupani Inisiua o le South Seas Financial Services
O tupe uma a le toatele o le atunuu na totogi agai i le kamupani inisiua o le South Seas Financial Services, atoa ai ma seleni na totogi e lea kamupani i le Faletupe Tutotonu o Samoa, o le a toe fa’afoi uma e le faletupe.
Ua faia lea gaioiga talu ai le fa’alauiloa i se pepa o fa’amatalaga mai i le faletupe tutotonu o le tapunia tumau ai o le kamupani, e tusa ma fuaiupu 23(2) o Tulafono o Inisiua.
Ta’ua i lea pepa o fa’amatalaga le matuai le taliaina e le faletupe tutotonu a Samoa o faiga fa’asolitulafono ina ia maua ai seleni.
O le valaau ai o i latou e ana nei tupe na totogi i le South Seas Financial Services amata mai ia Aperila o le tausaga 2020, a mae’a le taimi ua tu’u mai e agai atu ai e toe aumai i tua a latou tupe, o le a tu’uina uma atu loa i le kamupani ua tapunia.
