India - Foreign reinsurers may repatriate profit
Thursday, 10 08 2015, Category: Insurance and Reinsurance, Country: India
Insurance regulator IRDAI today proposed that foreign reinsurers take back earned profit to their country.
The repatriation of surplus from a branch of foreign reinsurer may be allowed if the available solvency margin is above 175 per cent of the mandatory requirement, said a report.
A seven-member committee headed by Thomas Mathew, former MD of LIC, is of the view that "regulations in the current form may not be applicable to reinsurance branches and the regulator needs to provide further clarifications or more amendments on the above regulations so as to enable stakeholders to provide relevant feedback".
Source: Business Standard