Foreign reinsurers required to have their operations restructured

A new draft bill will make it compulsory for foreign reinsurers underwriting risks in South Africa to restructure their activities as of 2017. In order to comply with the new regulations, reinsurers will be required to choose among several options; enter into partnership with a local player, underwrite through Lloyd’s or open a subsidiary company in the country.

This amendment will trigger a growing activity for Lloyd’s in South Africa.

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