Regulatory Alerts2020-01-01
Reinsurance Management Strategy for Insurance Companies Licensed to Conduct Insurance Business in Fiji
The Reserve Bank of Fiji issued this policy to establish minimum requirements for Reinsurance Management Strategies (REMS) for all licensed insurance companies in Fiji. The document mandates that Boards of Directors define risk appetite and approve reinsurance strategies, while senior management must implement operational controls and ensure compliance with the Insurance Act 1998. Insurers are required to submit their REMS to the regulator within 90 days of review, maintain rigorous internal controls, and strictly avoid fronting arrangements.
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