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From The Glossary »

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Approved Reinsurance Policy:

Any proportional and non-proportional short-term reinsurance policy which remains in force until the liabilities under the policies reinsured has expired. A foreign reinsurance policy will only be regarded as approved if the reinsured has: _ received a deposit from the reinsurer or has retained a deposit against balances owing to the reinsurer; or _ received from a local bank an irrevocable guarantee in the form prescribed by the Registrar; or _ ...
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