Regulatory Alerts2015-09-02
Added
Foreign Insurance and Reinsurance Exemption Applications
The requirement for exemption or dispensation applications to include quotations from all registered insurers and reinsurers is limited to those registered to conduct business in the specific class of short-term insurance for which the exemption is sought. For example, if an application pertains to marine insurance, quotations are only required from the registered entities authorized to provide marine insurance cover. The submitted quotations must specifically indicate whether the insurer or reinsurer is willing to participate in co-insurance and underwrite a portion of the risk.
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