Regulatory Alerts2021-01-01
Reserve Bank of Fiji Insurance Brokers Guideline No. 1: Offshore Placement Approval Guideline
The Reserve Bank of Fiji issued this guideline to delegate offshore placement approval authority to licensed insurance brokers for policies with gross premiums of FJD 250,000 or less. Brokers must establish an approval management framework, maintain strict documentary evidence of local insurer rejection, and submit monthly reports detailing all approved placements within ten working days of month-end. Non-compliance with these standards constitutes an offense subject to fines, imprisonment, or the revocation of the broker's delegation authority.
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