Multi-national re-insurance brokers violate Indian laws
Saturday, 10 10 2015, Category: Insurance and Reinsurance, Country: India
Multinational Insurance brokers are expected to infuse knowledge and expertise into insurance and reinsurance business in India. However, instead of supporting the Indian insurance industry and the Country, multinational brokers have started large-scale alleged cheating and looting the industry and finding ways and means to breach or circumvent Indian laws, insurance experts say. If the Regulator either allows by remaining mute or the Regulator has no clue of what is happening, the entire insurance business will be in jeopardy.
After the Insurance Regulatory and Development Authority of India, (IRDAI) cancelled the license of Wills India - the third largest re-insurance brokers in the world - for financial irregularities; it still continues to do huge business in India - backdoor through Almondz Brokers, India.
Source: Asian Tribune