Regulatory Alerts2015-09-21
Added
Reinsurance Exemptions Brokers
The Registrar of Short-Term Insurance will not accept the placing of reinsurance business with entities that are not registered to conduct reinsurance business. Primary insurance companies are prohibited from reinsuring amongst themselves and must use bona fide, licensed local or international reinsurance entities. Additionally, the Registrar will not grant exemptions under Section 2(2) of the Short-Term Insurance Act for insurers to place reinsurance business with unregistered entities.