IC CIRCULAR LETTER NO. 14/92, May 29, 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