Regulatory Alerts2002-03-28
Added · Updated
Notice 114 Reinsurance Management
Licensed direct insurers must electronically lodge annual returns detailing outward reinsurance arrangements with significant insurance risk transfer and exposures to their top ten reinsurers within five months of their accounting period end. The document mandates the maintenance of a documented Reinsurance Management Strategy and requires the Board of Directors and senior management to oversee its implementation and annual review. Insurers are prohibited from classifying contracts as reinsurance for capital relief unless significant insurance risk is genuinely transferred, and must document assessments of risk transfer for contracts where it is not self-evident.
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