Reinsurance Guidelines 2017
a. An insurer or reinsurer shall submit a draft of its treaty programme for approval prior to negotiations to the NIC by 15th of November each year in respect of:
i) The retention policy of the company listing the specific treaty covers, retention, number of lines and lists of reinsurers.
ii) Proposed terms and conditions of treaty iii) Details of securities on treaty iv) Details of any reinsurance intermediary involved
b. As part of the Approval Process for the Draft Programme, each cedant shall provide evidence of payment of its Treaty Balances up to Second Quarter. This should be zero, in line with the No Premium, No Cover Directive.
i) Reinsurers must ensure that all balances due from them are settled. Where reinsurer fails to settle balances due from them, the cedant can.decide to take them off the Panel of Security.
ii) By the 15th of December each year, the company shall submit the completed and signed treaty programme to the NIC.
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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