Regulation 4 - Re-insurance strategy and re-insurance programme
International Financial Services Centres Authority (Re-Insurance) Regulations, 2023 Chapter II RE-INSURANCE STRATEGY AND OBJECTIVES OF RE-INSURANCE PROGRAMME
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Re-insurance strategy requirements mandate documented risk controls, governance, annual approval, and regulatory submission by IIOs. Every IIO must develop and document an RSRP as part of its underwriting strategy and risk management philosophy. It must address re-insurance selection ... Summary
Re-insurance strategy requirements mandate documented risk controls, governance, annual approval, and regulatory submission by IIOs.
Every IIO must develop and document an RSRP as part of its underwriting strategy and risk management philosophy. It must address re-insurance selection and monitoring, management controls, risk concentrations, and cession or retrocession limits aligned with risk appetite. Senior management or the Parent Entity must implement relevant procedures, evaluate retention, re-insurer diversification, concentration, broker involvement, and credit, liquidity and legal risks, supported by internal controls and reporting. The Board must approve the accounting-year-wise RSRP, which must be submitted to the Authority when directed.
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