India - Foreign reinsurers to call for level playing field
Saturday, 01 20 2018, Category: Insurance and Reinsurance, Country: India
According to industry reports, foreign reinsurance companies operating in India are likely to call on the Insurance Regulatory and Development Authority of India (IRDAI) to ensure their local branches are treated on par with domestic reinsurers.
The IRDAI announced last week in an exposure draft on reinsurance regulation, that Indian reinsurers will continue to get order of preference for placing business.
This is something that has previously been criticised by foreign players that have entered the market since amendments in the insurance laws in 2015 through the Insurance Act (Amendment), enabled foreign reinsurers to establish branches in India.