Question

According to the Life Insurance and General Insurance Reinsurance Regulations, what is the requirement for insurers wanting to write inward reinsurance business regarding underwriting policy?

a.

Insurers are not required to have a defined underwriting policy for inward reinsurance business.

b.

They must file their underwriting policy with the Authority after 30 days of the financial year.

c.

A well-defined underwriting policy is required, and any changes must be filed with the Authority.

d.

They should have an underwriting policy, but changes are not required to be filed with the Authority.

Answer: (c).A well-defined underwriting policy is required, and any changes must be filed with the Authority. Explanation:Every insurer wanting to write inward reinsurance business shall have a well-defined underwriting policy for underwriting inward reinsurance business. The insurer shall file with the Authority a note on its underwriting policy, stating the classes of business, geographical scope, underwriting limits, and profit objective. Any changes to the note must be filed as and when a change in the underwriting policy is made.

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Q. According to the Life Insurance and General Insurance Reinsurance Regulations, what is the requirement for insurers wanting to write inward reinsurance business regarding...

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