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Archive Stories
Archived stories from 2007

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Ruritania dismantles reinsurance market barriers

Barriers to the Ruritanian reinsurance market are to be dismantled after 100 years of protectionism. Last week, the president of Ruritania, General Juan Coup Toofar, signed the law that will bring to an end the monopoly enjoyed by the country's state reinsurer Ruritania Re and open its market to foreign reinsurers. The new legislation envisages three categories of reinsurers that will be able to operate in what has become one of the world's fastest growing emerging markets.

A Ruritanian
reinsurance barrier

First choice reinsurer: defined as a Swiss or German reinsurer domiciled in Ruritania, but organised as a joint-stock company.

Second choice reinsurer: a reinsurer domiciled in Switzerland or Germany, with representative offices in Ruritania and registered with the insurance supervisory body, in accordance with requirements established by the Swiss or German companies themselves.

Third choice reinsurer: a reinsurer domiciled in Switzerland or Germany, with or without representative offices in Ruritania, that meets the parameters established by er, the Swiss or German companies themselves to carry out reinsurance and retrocession operations in Ruritania.

The new law reserves 99% of the market for the so-called first choice reinsurers and Ruritania Re for the first 20 years, dropping down to 90% for the following sixty years. "After a century of waiting, the free market has finally come to Ruritania," said a spokesman for Swiss-based Gnome Re. "The clear winners in this liberalisation process are the simple cedants of Ruritania who can now choose to place their reinsurance with a wide range of two different professional reinsurers."

No spokesmen from Ruritania Re were available for comment as they were all at home writing up their CVs.


Other news from Jan 2007
 
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