(NAR) VOL. 7 NO. 4 / October-December 1996
"III. Subject risk for which facultative reinsurance placement is applied for should first be offered locally as follows:This Circular takes effect on 1 January 1997.
1. For Marine Hull, Aviation, Money Securities Payroll and Robbery risks, to at least two (2) local direct writing companies, one (1) foreign authorized, three (3) domestic professional reinsurers.
2. For all other risks, to at least five (5) local direct writing companies, three (3) foreign authorized and three (3) domestic professional reinsurers."