New CIMA rule and statement of guidance on reinsurance arrangements

CIMA published yesterday (31 May) a revised rule and guidance addressed to insurers and registered PICs licensed by CIMA that use outward reinsurance. These introduce certain new requirements and clarify CIMA’s expectations on complying with their existing regulatory obligations. The majority of the revisions are CIMA clarifications. Although the implementation timeline is 26 May 2024, CIMA expects in-scope firms to commence putting arrangements in place in order to be able to satisfy these requirements from 26 May 2024 onwards.