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An L/C calls for this document.

Can any body clarify what does it mean by competent authority? How the bank will draw a line if this is a competent authority or not since there are many registered insurance companies but less famous then others? Does it mean being famous? But how can one prove that some company is not a famous insurance company?

regards

Asim

Hi all

i want to clarify that by competent authority'' insurance document issued and signed by named insurance company ( corporate entity) or underwriter ( individual operating under an insuarance syndicate) or theie agent or their proxies would satisfy that condition. kindly see art 28a also
//
art 3 interpretation: ''Terms such as "first class", "well known", "qualified","independent", "official", "competent" or "local" used to describe the issuer of a document allow any issuer except the beneficiary to issue that document''

other comment welcome

Orunmila

hi

Art3 interpretation: ''Terms such as "first class", "well known", "qualified","independent", "official", "competent" or "local" used to describe the issuer of a document allow any issuer except the beneficiary to issue that document'.

lc must indicate by whom the document is to be issued.otherwise if they use wordings shown in article3 anyone can issue except beneficiary....
from this we can understand there is no importance for the words described in article3 if they used to described the issuer of documents.



malla