Regulatory AlertsCOI Directive No. 3: Reinsurance Management Strategy for Insurance Companies
The Office of the Controller of Insurance mandates all licensed Solomon Islands insurers to establish and maintain a formal Reinsurance Management Strategy approved by their Board of Directors. The directive requires detailed risk assessment, counterparty monitoring, robust internal controls, and strategy reviews every one to five years depending on the insurer type. Insurers must submit their strategy to the regulator within 90 days of each review, report any material deviations or risks immediately, and face monetary penalties or corrective enforcement actions for non-compliance.
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