Regulatory Alerts2016-01-01
Regulation on the Content of Planned Reinsurance Programs - Unofficial Consolidated Text (NN, No. 23/16 and 27/16)
The Croatian Financial Services Supervisory Agency (CAFSA) issued this Regulation to standardize the content and reporting of planned reinsurance and retrocession programs for insurance and reinsurance companies. It mandates that entities calculate retention levels, maximum probable losses, and maximum coverage tables using defined risk assessment criteria, while submitting annual actuarial opinions and statistical methodologies to the regulator within two months of each financial year. The new rules replace the previous 2009 methodology, introducing stricter reporting timelines and allowing lower retention percentages for individual contracts under justified circumstances.
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