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AU-1.1.15

In granting new licenses, the CBB will specify the classes of insurance for which authorisation has been granted, and on what basis (i.e. conventional insurance principles or takaful principles). For reinsurance companies, the license will restrict the insurance firmG to undertaking reinsurance business only. For captive insurersG , the license will also restrict the insurance firmG to effecting insurance contracts with its own group members only. Grandfathering provisions apply for those insurance firmsG whose past license granted them the right to undertake both general and long-term insuranceG business (composite companies). In addition, composite companies are subject to the requirements of Paragraph GR-1.1.3 with respect to separate books and records for each kind of business. The grandfathering exemption will only apply to the licensee's classes of insurance business as at 1st April 2005, i.e. when Volume 3 (Insurance) was first issued. Should the insurance licenseeG wish to add additional classes of business, it will be required to separate its general and long-term business into separate licenses.

Amended: July 2007
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(2 Versions)
 
Up to Jun 30 2007Jul 1 2007 onwards
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