India - Six foreign reinsurers apply to open branch offices
Monday, 01 25 2016, Category: Insurance and Reinsurance, Country: India
The Insurance Regulatory and Development Authority of India (IRDAI) has received applications from six foreign reinsurance companies for opening branches in India.
This development comes even as the insurance regulator recently did an about-turn in its reinsurance regulations and said that Indian reinsurer(s) will be given first preference in reinsurance treaties compared with the branches of foreign reinsurers.
Incidentally, foreign reinsurers had written to the Centre seeking relaxation on the proposal to give Indian reinsurers first preference in premium ceding.
Among the foreign reinsurers that have applied to the regulator to set up base in India are Swiss Re, Scor, Munich Re and Catlin.
Source: The Hindu Business Line