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irdai
India’s insurance regulator (IRDAI) is exploring a pandemic risk pool
10th July 2020
The Insurance Regulatory and Development Authority of India (IRDAI) has established a nine-member working group to explore the possibility of establishing a pandemic risk pool. India is the latest country to reveal that it's exploring the launch of a pandemic risk pool to manage the risks related to reduced economic activity ... Read the full article
Indian regulator bans insurers from adopting Capital Gearing treaties
1st April 2020
In a circular to all general, specialist, and health insurers in India, the Insurance Regulatory and Development Authority of India (IRDAI) has prohibited carriers from entering into any fresh Capital Gearing treaties, effective March 28th, 2020. Capital gearing concerns the volume of debt a company holds compared to its equity. According ... Read the full article
India regulator seeks approval for state-backed catastrophe insurance
9th December 2019
The Insurance Regulatory and Development Authority of India (Irdai) is seeking government approval to launch a state-backed catastrophe insurance scheme in certain states, according to reports from The Indian Express. If approved, the project would be launched on a pilot basis, with the aim of offering government-funded catastrophe cover for the ... Read the full article
Gov-owned AIC looks to offer crop reinsurance services outside of India: Reports
29th August 2019
India's Agriculture Insurance Company (AIC) is in discussions with intermediaries about the launch of crop reinsurance services in countries outside of India, reports Business Standard. According to reports, government-owned AIC has already received approval from the IRDAI (International Regulatory and Development Authority of India) for inward insurance, and is now in ... Read the full article
MS Amlin exits Indian reinsurance sector after group-wide review
10th July 2019
MS Amlin has informed the Insurance Regulatory and Development Authority of India (IRDAI) that as part of a group-wide review of its operating structure and performance, it has decided to exit the Indian reinsurance market. Commercial insurance and reinsurance specialist MS Amlin was the first company to have been welcomed ... Read the full article
Indian regulator maintains 5% obligatory cession rate for GIC Re
15th April 2019
The percentage of business that general insurers in India have to cede to the country's national reinsurance company, General Insurance Corporation of India (GIC Re), for 2019-2020 is to remain at 5%, according to a notification from the Insurance Regulatory and Development Authority of India (IRDAI). The regulator says the 5% ... Read the full article
IRDAI grants special approval to 11 cross-border reinsurers for 2019-2020
8th April 2019
The Insurance Regulatory and Development Authority of India (IRDAI) has granted special approval to 11 cross-border reinsurance companies for the 2019-2020 year. This compares to 16 cross-border reinsurers that were approved by the regulator to operate in India for the 2018 year. According to a circular published by the IRDAI, the recently ... Read the full article
India set for strong re/insurance sector growth, says Moody’s analyst
24th January 2019
Strong economic progress and an evolving regulatory regime are expected to support the growth of India’s re/insurance sectors over the coming years, according to an analyst at Moody’s Investors Service. In addition, robust gross domestic product (GDP) expansion and low insurance penetration should help foster double-digit growth for the non-life sector ... Read the full article
Indian regulator retains first preference rule for GIC Re
14th December 2018
The Insurance Regulatory Authority of India (IRDAI) has announced that it will retain its first preference rules, which require that cedants give first refusal in reinsurance contracts to the country's only active domestic reinsurer, GIC Re. Newly released reinsurance regulations state that from 1 January 2019 insurers will have to give ... Read the full article
Indian regulator rejects ITI Reinsurance acquisition proposal
4th December 2018
The Insurance Regulatory Authority of India (IRDAI) has rejected a proposal from Go Digit General Insurance Ltd to acquire the two-year-old Indian reinsurer ITI Reinsurance from its current owners, due to a number of issues that violate regulations. Go Digit, which is owned by Indo-Canadian billionaire Prem Watsa, signed a deal ... Read the full article
IRDAI to allow distribution of microinsurance products through PoS
3rd October 2018
The Insurance Regulatory and Development Authority of India has allowed distribution of all microinsurance products through point-of-sales as it aims to accelerate insurance penetration in the country, The Hindu Business Line reports. IRDAI in a circular agreed to the suggestions of insurance companies by abandoning the practice of prefixing the word ... Read the full article
Indian regulator upholds GIC Re’s right of first refusal
1st October 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has decided to maintain its established ‘order of preference’ guidelines, which grant GIC Re first refusal to all reinsurance business placed in India, according to sources at BloombergQuint. The new regulations were finalised at a meeting on 28 September and will come ... Read the full article
Indian regulator to allow reinsurers to invest in foreign sovereign bonds
12th June 2018
The Insurance Regulatory and Development Authority of India (IRDAI) may permit reinsurance companies to invest in overseas financial instruments, such as sovereign bonds, in an effort to reduce the risk of their global portfolio and promote the country as a major reinsurance hub, according to the Economic Times. A source close ... Read the full article
India’s IRDAI appoints new Chairman, approves 16 Cross-Border Reinsurers
14th May 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has appointed Subhash C. Khuntia as its new Chairman, and has granted approval to 16 Cross-Border Reinsurers (CBRs) for the 2018-19 financial year. Khuntia has extensive experience working in administrative sectors of the Indian Central Government, including roles in the Ministries of ... Read the full article
Indian regulator reminds re/insurers on ‘order of preference’
25th April 2018
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 ... Read the full article
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