IC Circular Letter No. 1492 (1992)

(NAR) VOL. III NO. 2 / APRIL - JUNE 1992

[ IC CIRCULAR LETTER NO. 14/92, May 29, 1992 ]

OPERATING GUIDELINES ON FACULTATIVE REINSURANCE PLACEMENTS WITH FOREIGN UNAUTHORIZED REINSURERS

Further to the Circular Letter dated February 3, 1984 of this Commission on the above-captioned subject, it is hereby advised that the minimum requirement for consideration of an application for placement of risks other than Marine Hull, Aviation and Money, Securities, Payroll & Robbery is revised as follows: "The subject risk must be offered to at least 15 local direct writing companies, 3 foreign authorized companies and 2 professional reinsurance companies". Money, Securities, Payroll & Robbery Risks shall be included in the guidelines established for Marine Hull & Aviation risks as contained under IC Circular Letter dated October 18, 1984. All other provisions of the guidelines shall remain unchanged. Please be guided accordingly. Adopted: 29 May 1992

(SGD.) EDUARDO T. MALINIS Deputy Insurance Commissioner Officer-in-Charge