Afghanistan: reminder that non-admitted insurance is not permitted

Current status

Article 6(1) of Afghanistan’s Insurance Law states that only licensed companies are entitled to provide coverage for insurance risks, sell insurance, or transact insurance business in Afghanistan. As Lloyd’s is not licensed in Afghanistan, Lloyd’s underwriters may not carry out any of the above mentioned activities in this territory. Reinsurance, on the other hand, is permitted if written from outside the country (ie cross-border) and provided local ceding companies have approved their reinsurance arrangements with the Afghanistan Insurance Authority.

The market is reminded that, in accordance with Afghanistan’s Insurance Law, managing agents and brokers should refrain from undertaking any unauthorised insurance activity, which will ultimately not be recognised as valid within the jurisdiction of this territory.

Crystal

As with all territories, the most current information for Afghanistan can be found in Crystal, Lloyd’s regulatory database which holds the most up-to-date information regarding Lloyd’s trading rights. The full Crystal report for Afghanistan can be found on Lloyds.com.

Should you have any further questions about Lloyd’s trading rights, please contact LITA.

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