Insurance Act, 2021 ( Act 1061).

This Act establishes the National Insurance Commission, that is in charge of providing regulation and supervision of the insurance market and for related matters. Articles 240-244 of the Act provides for the Agricultural Insurance Fund; which is established to support agricultural insurance initiatives, with the primary objective of providing financial protection and risk mitigation for farmers against agricultural losses. It is financed through various sources, including government allocations, donor contributions, and other approved means. Oversight and strategic direction are provided by the Agricultural Insurance Fund Committee, while designated managers handle its daily operations and financial management. Additionally, the Fund operates within the broader framework of the Insurance Commission, whose objectives include promoting a fair, safe, efficient, and stable insurance market; securing customer protection; contributing to national financial stability; fostering financial inclusion; and supporting the overall development of the insurance sector. The Act consists of 261 Articles and 2 Schedules.