IC CIRCULAR LETTER NO. 14/92, May 29, 1992
OPERATING GUIDELINES ON FACULTATIVE REINSURANCE PLACEMENTS WITH FOREIGN UNAUTHORIZED REINSURERS
National Administrative Register May 29, 1992
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
Deputy Insurance Commissioner
Officer-in-Charge