Reinsurance Guidelines 2017
i) All businesses must be placed with a local insurer through a local broker, or directly with a local insurer. Where the business is coming into the country through a foreign broker, it must go through a local broker.
eii) In case of Facultative, the local insurer shall use an order of priority for sharing businesses as follows;
Stage 1 - Direct Insurer's Gross Retention i.e. Net retention and treaty reinsurance
Stage 2 - Co-insurance and Facultative insurance with Local Insurance
Companies and/or Reinsurance with local Reinsurance companies
Stage 3 - Overseas Reinsurance Companies iii) If the value of the risk permits the company to progress to Stage 3, the ceding
company will have to apply to the National Insurance Commission for prior approval, and authorization to reinsure overse s and thereby transfer premiums
outside the country. The approval process must not be more than two working days once all documentations are provided
Procedure to Follow
Not Avaiable
Responsible Institution
- Email: info@nicgh.org
- Website: https://nicgh.org/
- GPS:
- Telephone: 0302238300 /030 2 238301
Relevant Forms to Download
Not Available
Online System
Fees/ charges
Not Avaiable
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