Regulatory AlertsCOI Directive No. 1: Minimum Requirements for Offshore Placement of Insurance Business
The Controller of Insurance at the Central Bank of Solomon Islands issued this directive to regulate offshore insurance placements and ensure the stability of the local insurance industry. It mandates that applicants obtain prior written permission from the COI and the Minister of Finance, requiring them to first approach the local market and demonstrate that coverage is unavailable or significantly more expensive abroad. The document establishes strict procedural obligations for local insurers, brokers, and agents, including specific response timelines, documentation requirements, and penalties for non-compliance.
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