People wishing to purchase insurance for covers not available locally are no longer required to obtain multiple quotes from the domestic market as done before.

The Reserve Bank has revised its policy on the placement of insurance business offshore effective from 1st July. The Governor Sada Reddy said the review was taken to help simplify the approval process when purchasing insurance from overseas following concerns raised by stakeholders in the insurance industry.

He said for the insurance covers not available locally, the process for obtaining approvals for new covers or renewal of maturing covers from abroad has improved.

He said the new improved policy will save on time and be more efficient for all parties concerned. Reddy said offshore placement for unsurance is only permitted where such insurance is not availabe through locally licensed insurers in the country or where the cover is 15% cheaper that the one offered locally.

However he has reminded people that it is illegal to place Fiji insurance business abroad without the approval of the Reserve Bank.