India to continue protectionist reinsurance policy
Saturday, 01 13 2018, Category: Insurance and Reinsurance, Country: India
The Insurance Regulatory and Development Authority of India (IRDAI) said in an exposure draft on reinsurance regulation that Indian reinsurers will continue to get order of preference for placing business, but the legislation will be waived for a number of major insurance lines.
First preference is to be given to Indian reinsurers who have been transacting business for at least three continuous years and then other Indian reinsurers.
Next in line in for Indian reinsurance placements are branches of foreign reinsurers and then Cross Border Reinsurers (CBRs).