1. Issue directives, directions, instructions and guidelines to insurers, reinsurers and insurance intermediaries
2. Issue licenses under Insurance Act 1061
3. Monitor the operations of the insurance market
4. Enforce compliance by licensees with the provisions of Insurance Act 1061 and any other relevant enactment
5. Supervise licensees on an individual basis and where appropriate on a group basis
6. Enforce compliance, in the insurance market of regulatory requirements on anti-money laundering and countering the financing of terrorism
7. Promote public awareness and undertake public education on insurance
8. Co-operate with and provide assistance to law enforcement authorities, regulatory authorities in the country and foreign regulatory authorities
9. Where appropriate, approve

• Minimum rates of premiums in respect of any class or sub-class of insurance business and
• Maximum rates of Commission in respect of any class or sub-class of insurance business

10. Invest any money standing to the credit of the Commission in safe securities that the Minister considers appropriate
11. Take enforcement action against persons carrying on unlicensed insurance or reinsurance business
12. Perform any other functions under the Insurance Act 1061 and any other enactment that are ancillary to the objects of the Commission.