Regulatory Alerts2020-01-01
Offshore Placement of Insurance Business
The Reserve Bank of Fiji issued this policy to establish minimum requirements for placing Fiji insurance business with unlicensed offshore insurers under the Insurance Act 1998. It delegates approval authority to licensed brokers for applications below a specific limit while mandating direct Reserve Bank approval for larger or direct placements, requiring proof that local insurers cannot provide coverage. The document outlines strict procedural obligations for applicants, brokers, and local insurers, including mandatory client acknowledgments and detailed documentation, backed by significant financial penalties and potential imprisonment for non-compliance.
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