The Board of Directors of PSC has decided the criteria for Insurers in order for PSC to use them.
Only Insurers shown on this list may be used. If after an Insurer has been approved it falls below PSC’s criteria the Head of Compliance must immediately remove such an Insurer from the list of approved Insurers. The Head of Compliance will advise all Employees who must immediately advise, in writing using the letter in Appendix 11, all the appropriate Clients and seek their instructions.
Under certain circumstances Very Senior Personnel or the Head of Compliance or the Chief Executive Officer may approve the use of Insurers that fall below PSC’s criteria but approval from the Client must be obtained in writing, using the letter in Appendix 12, before cover incepts. All such agreements from the aforementioned personnel must be in writing and a copy kept on file.
When a separate policy is required for an existing Insured for when they operate in a country other than their home country and an insurance company has to be used, or the Insured requests the use of an insurance company, that does not meet PSC’s criteria, this can be authorised by the Chief Executive Officer on receipt of such request or instruction. However we must advise the Insured in writing (email is OK) that the insurance company in question does not meet PSC’s criteria for Insurers – this must be done before cover incepts. The letter shown in Appendix 11 is not required under these circumstances.
With respect to reinsurance business it is acceptable to use security that is not on the approved list provided the reinsured gives written instructions, before any reinsurance incepts, to use such security and it is authorised by a director of the reinsured.
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