Regulatory Alerts2021-11-02
Added · Updated
Circular No. 11 of 2021 - Prohibition of Fronting Arrangements
The Financial Services Authority requires all licensed insurers and intermediaries to immediately cease fronting arrangements, ensuring local risks are transferred through traditional reinsurance or co-insurance structures. Grounded in Section 6.2 of the Codes of Reinsurance Arrangements and the Insurance (Restriction of Insurers) Regulations 2012, this mandate applies to all entities under the FSA’s jurisdiction. Failure to comply triggers direct enforcement actions against non-conforming licensees or intermediaries.
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