The Insurance Regulatory and Development Authority of India (IRDAI) has called on reinsurance companies to submit details of reinsurance transactions that involve overseas firms.
In a recent note, the IRDAI, which is the country’s insurance and reinsurance industry regulator, said that “it has been brought to the notice of the Authority that Reinsurance/Composite brokers undertake reinsurance transaction between entities that are domiciled in foreign jurisdictions.”
In response to this, the IRDAI states that such deals could have an impact on the servicing of Indian policyholders, and has therefore advised that reinsurers and brokers file a return detailing reinsurance transactions that involve overseas entities.
According to the note, the requested return should be submitted by reinsurers and brokers within 45 days of end of half-year commencing from the financial year 2016-2017.
