India - foreign reinsurers to set up shop from January
Saturday, 09 17 2016, Category: Insurance and Reinsurance, Country: India
Regulator Irdai is hopeful that some global reinsurers may set up shop in Mumbai early next year and signalled that a decision on giving the second stage of licence (R2) will be taken at the board meeting in October.
The state-owned GIC Re is the only reinsurer operational in the country now. The global reinsurers that have approached Irdai for licence include Munich Re, Swiss Re, Scor, Hannover Re, XL Catlin and RGA.
A foreign reinsurer should get three levels of licences from Irdai to start operations and some of them have already got R1 licence and now are awaiting R2 and R3.