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Application provision

1.1 Unless otherwise stated, this Part applies to a non-directive insurer other than a non-directive friendly society.

11.1

01/01/2016

The reinsurance ratio is:

  1. (1) if the ratio calculated in (a) and (b) lies between 50% and 100%, the ratio (expressed as a percentage) of:
    1. (a) the claims incurred (net of reinsurance) in the financial year in question and the two previous financial years; to
    2. (b) the gross claims incurred in that three-year period;
  2. (2) 50%, if the ratio calculated in (1)(a) and (b) is 50% or less; and
  3. (3) 100%, if the ratio calculated in (1)(a) and (b) is 100% or more.