Reinsurance Guidelines 2017
Where a company applies to NIC for approval to transfer premiums outside the country, they shall attach a completed form( a copy of the form is attached as
Appendix A), detailing the following:
) The class of business and scope of cover ii) Their net and gross retention for that class of business iii) The market capacity of the class of business iv) The terms and conditions
v) The rate of commission payable by the overseas reinsurer and brokerage to the local broker vi) Evidence that all solvent local insurers/reinsurers have declined the participation or have exhausted their capacity
b. The company must in addition attach a copy of the reinsurance slip, which among others, will specify the amount of premium, commission and /or brokerage to be paid as well as the scope of the reinsurance cover.
c. The Commissioner may not grant approval if it considers that the terms or conditions are:
i) Not favourable to the insurer ii) Not in the interest of the economy, the insurance industry or the public
Where an insurer has not followed the procedure required to cede business outside the country, the Commission shall apply appropriate sanctions
Procedure to Follow
Not Avaiable
Responsible Institution
- Email: info@nicgh.org
- Website: https://nicgh.org/
- GPS:
- Telephone: 0302238300 /030 2 238301
Relevant Forms to Download
Not Available
Online System
Fees/ charges
Not Avaiable
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