Re-insurance placement safeguards require IIOs to screen foreign counterparties for FATF risk, authorisation, operating history, and tax treaty status. Every IIO must, before ceding or retroceding re-insurance business to a foreign insurer or foreign re-insurer, verify that the counterparty and its ... Summary
Re-insurance placement safeguards require IIOs to screen foreign counterparties for FATF risk, authorisation, operating history, and tax treaty status.
Every IIO must, before ceding or retroceding re-insurance business to a foreign insurer or foreign re-insurer, verify that the counterparty and its promoters, partners or controlling shareholders are not from jurisdictions identified for specified anti-money-laundering or terrorist-financing deficiencies. The counterparty must be home-country authorised for re-insurance, have conducted that business for the immediately preceding three continuous years, and be located in a country having a Double Taxation Avoidance Agreement with India.
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