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AU-2.1.4

Where the insurance licenseeG is a branch of an overseas insurance company, in deciding whether to grant a license, the CBB will pay close regard to its activities elsewhere and how these activities are regulated. If the insurance licenseeG is not regulated elsewhere (e.g. some countries do not regulate reinsurance firms) or in a jurisdiction not substantially compliant with IAIS Core Principles or FATF standards, then an application for licensing can only be considered after exhaustive enquiries into the firm's shareholdersG , management structure and financial position.

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