Insurance Act, 2017 (Act No. 18 of 2017)Chapter 7 : Reporting and Public Disclosures48. Additional information relating to foreign reinsurers, Lloyd's underwriters or Lloyd's |
| (1) | A branch of a foreign reinsurer and Lloyd’s must as soon as reasonably possible notify the Prudential Authority of any— |
| (a) | changes to a law (including any subordinate laws) under which the head office of a foreign reinsurer or Lloyd’s is authorised or supervised to perform business similar to insurance business; and |
| (b) | any actions taken by a regulatory authority in the country in which the head office of a foreign reinsurer or Lloyd’s is located relating to the non- compliance of that foreign reinsurer, Lloyd’s underwriter or Lloyd’s with the laws referred to in paragraph (a). |
| (2) | The Prudential Authority may, on notification under subsection (1), or upon becoming aware of the changes or actions referred to in subsection (1), in addition to any other action that the Prudential Authority may take— |
| (a) | impose additional reporting requirements and increase financial soundness monitoring activities; or |
| (b) | take actions under sections 26 to 29. |