Regulatory Alerts2022-04-01
Added · Updated
Codes on Reinsurance Arrangements
The Financial Services Authority of Seychelles has issued a regulatory code mandating all licensed insurance and reinsurance companies to establish standardized frameworks for managing reinsurance arrangements. The code requires insurers to maintain a written Reinsurance Management Strategy approved by their Board, implement robust internal controls, secure minimum investment-grade reinsurers, and accurately calculate maximum event retentions. It explicitly prohibits unauthorized fronting arrangements and empowers the Authority to enforce compliance through remedial orders, license suspensions, and monetary penalties.
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