Regulatory Alerts1999-08-18
Added · Updated
Notice 208 Financial Reinsurance
Registered insurers may enter into financial reinsurance transactions for general business, with direct general insurers required to inform their Board of Directors. Contracts meeting significant risk transfer rules are accounted for as reinsurance, while those failing the rules are treated as deposits excluded from revenue and profit and loss accounts. Insurers must disclose specific premium, recovery, and commission details in notes to Form 7 and Form 1, with the notice applying to accounting periods ending on or after 30 September 1999.
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