Lloyd's receives reinsurance licence in Nicaragua

Lloyd’s of London has been granted a licence as a foreign reinsurer in Nicaragua by the country's insurance regulator Superintendencia de Bancos y Otras Instituciones Financieras (SIBOIF).

The licence enables Lloyd’s underwriters and Lloyd’s coverholders to carry out reinsurance business in accordance with the country’s regulations on reinsurance, fronting and co-insurance for Nicaragua, the corporation announced in a statement issued on March 28, 2017.

In addition, the new Lloyd’s authorisation allows for the appointment of local coverholders in Nicaragua. Furthermore, the coverholders can now conduct business under Lloyd’s licence without registering individually, which was previously a mandate by SIBOIF in order to bind Nicaraguan business.

"In order to gain the most efficient access possible, Lloyd’s has continued to work with the regulator to seek the ability for coverholders to conduct business under Lloyd’s licence, without the need for individual registration," Lloyd's said in the statement.

The corporation had initially announced the approval from the Nicaraguan regulator in February.

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