Menu

Reinsurance News

Indian regulator sets up committee to review reinsurance framework

8th June 2017 - Author: Staff Writer

The Insurance Regulatory and Development Authority of India (IRDAI) has announced plans to form a panel of 17 members to conduct a comprehensive reinsurance framework review.

India map and flagThe panel will examine the current regulatory framework for reinsurance and study international best practices, as well as look at the framework for health insurance – one of the fastest growing market segments in recent years – before making recommendations.

The IRDAI, said; “A need has been felt to visit/re-visit various areas in the framework applicable for health insurance to ensure level playing field for the industry as well as rationalise various provisions.”

Within the health insurance sector, the panel will look at product distribution, reinsurance, place of health in the rural and social sector, mergers and acquisitions, solvency, actuarial matters, regulation, and investment and financial matters.

The IRDAI introduced the Insurance Laws Amendment Act in 2015, allowing foreign firms to enter the India market and set up reinsurance branches, and Lloyd’s India Branch, Lloyd’s Syndicates and Service Companies, and the Indian regulator said; “In view of these developments, it has been decided to carry out a comprehensive review of the existing framework for reinsurance activities, including reporting requirements for the various entities.”

The committee will be led by IRDAI former member M Ramaprasad – and has an end of August deadline for submitting a report complete with recommendations for the Indian regulator.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Willis consultants negotiate closure of FNWL & RGA reinsurance deal

Willis Re and Willis Towers Watson consultants acted as brokers and actuarial advisors in the recently completed Zurich Insurance Group subsidiary,...

Close