India - First private sector reinsurance license
Friday, 07 01 2016, Category: Insurance and Reinsurance, Country: India
The Insurance Regulatory and Development Authority of India (IRDA) has given its first phase of license to ITI Reinsurance, thus clearing the first ever Indian private sector reinsurance company in the country.
The IRDA board in a meeting in Hyderabad on Thursday approved the initial license — known as R1 in regulatory parlance — to ITI Reinsurance, promoted by a firm controlled by Sun Pharma co-promoter Sudhir Valia. State-owned GIC Re has been the country’s sole reinsurance company so far.
Source: Indian Express