Law No. 06/2005, Regime for Licensing, Oversight and Regulation of Insurance Companies and Insurance Intermediaries (Timor-Leste)
The Decree-Law provides that the Banking and Payments Authority (BPA) shall be the supervising entity in the area of insurance business, and enumerates its vested powers and functions. The business of insurance in Timor-Leste is subject to a license to be granted by the BPA.
The Decree-Law provides the rules on licensing, commencement and cessation of the business of insurance. It further defines insurance intermediaries as those which include insurance agents, subagents and insurance brokers, as well as the applicable rules to the foregoing intermediaries. The Decree-Law further prescribes the prudential and financial aspects which specific kinds of insurance companies are required to abide by. It also provides for the rules applicable to the practice of insurance companies and insurance intermediaries to the market and the specific rules to protect insurance consumers.