Indian regulator gives preference to local cessions
Friday, 04 27 2018, Category: Insurance and Reinsurance, Country: India
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a reminder to all re/insurance companies stating that they must comply with established guidelines regarding ‘order of preference’ while placing reinsurance deals.
“We are informed that some of the insurers are not complying with the order of preference. Insurers are advised to strictly adhere to the said regulation in order to avoid any regulatory action,’’ the IRDAI said in a circular.