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What is the Free Trade Zone?

April 26, 2017Free Trade zone

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What is the Free Trade Zone?

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• Ans: Article 63 of the Insurance Law sets forth the means and requirements for insurers to obtain a license to issue policies that are exempt from filing requirements for special risks. The operational mechanism created by this statute is commonly known as the Free Trade Zone. Insurance Department Regulation No. 86 establishes the methods and procedures for obtaining the special license and for issuing policies via the Free Trade Zone, and includes the records maintenance and reporting requirements that insurers must comply with.