RM-5.1.5
The underwriting policy must be at a level of detail appropriate to the nature, magnitude and source of its business and must include (but is not limited to) a description of the following elements:
(a) Classes and sources of business to be written (including limits on concentrations of class, location and counterparty );
(b) Rating and pricing strategy and methodology;
(c) The management of, and reserving for, claims;
(d) Responsibilities and authority levels; and
(e) Reinsurance protections, including any mismatch between the duration of the contracts and the underlying reinsurance protection.
Amended: January 2007