India - Norms for foreign reinsurers to open branches
Monday, 11 02 2015, Category: Insurance and Reinsurance, Country: India
Insurance Regulatory and Development Authority of India (IRDAI) has brought out final regulations for registration and operations of branch offices of foreign reinsurers (excluding Lloyd’s).
It has stipulated that the foreign re-insurer should be in the reinsurance business for at least 10 years and infuse a minimum capital in the branch office.
The insurance regulator has allowed a level-playing field for foreign reinsurers vis-à-vis GIC Re, the domestic re-insurer.
Source: The Hindu Business Line