Reinsurance News
irdai
Indian regulator exempts 24 re/insurance schemes from goods and services tax
12th April 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that 24 re/insurance schemes are to be exempt from goods and services tax (GST), provided firms pass the savings on to customers. In a circular directed to all insurers, the IRDAI confirmed that the proposal to exempt reinsurance schemes was ... Read the full article
Russian National Reinsurance Company approved to operate in India
16th March 2018
Russia's state-owned reinsurer, Russian National Reinsurance Company (RNRC), has announced that it's received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to operate as a cross-border reinsurance company. Initially, the reinsurer was mainly established to offer reinsurance protection to companies barred from using Western reinsurers as part of ... Read the full article
IRDAI to finalise re/insurance regulatory framework by February
22nd January 2018
The revised Insurance Regulatory and Development Authority of India (IRDAI) re/insurance regulatory framework will be revealed by the end of February 2018, after regulators finalise any adjustments based on stakeholders' feedback. Moneycontrol reported that IRDAI Chairman TS Vijayan said regulators are "looking at the stakeholders’ responses." He added "there could be some ... Read the full article
IRDAI reinsurance framework to continue protectionist policy but with exemptions
12th January 2018
The Insurance Regulatory and Development Authority of India (IRDAI) said in an exposure draft on reinsurance regulation that Indian reinsurers will continue to get order of preference for placing business, but the legislation will be waived for a number of major insurance lines. First preference is to be given to Indian reinsurers ... Read the full article
Two more reinsurers apply to IRDAI to establish Indian operations
17th October 2017
According to the Insurance Regulatory and Development Authority of India (IRDAI), it has received two applications from reinsurance companies to begin operations in the country, as well as three applications from non-life insurers. "We have received three applications for non-life insurance and two from reinsurance companies who want to set their ... Read the full article
IRDAI establishes expert panel to review India’s reinsurance framework
8th May 2017
India's insurance and reinsurance industry regulator, the Insurance Regulatory and Development Authority of India (IRDAI), has established a Reinsurance Expert Committee to review the country's reinsurance framework. The new committee will be Chaired by ex-IRDAI member M Ramaprasad, and other panel members include Lloyd's India Chief Executive Officer (CEO), Shankar Garigiparthy, Gen ... Read the full article
Fortune Financial requests share of India government premiums
15th March 2017
Fortune Financial’s reinsurance entity ITI has requested it be given a share of the reinsurance premium currently designated for government-owned GIC Reinsurance, in a letter to India's insurance industry regulator, the Insurance Regulatory and Development Authority of India (IRDAI), according to reports. According to CNBC- TV18 sources, the reinsurer wrote to IRDAI officials, ... Read the full article
Warren Buffett’s Gen Re receives R2 approval for launch of Indian business
8th March 2017
One of Warren Buffett's flagship international reinsurers, Gen Re has received second level, or R2 regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) to begin operations in the region. After new regulatory laws and guidelines were implemented last year to bolster the Indian insurance and reinsurance industry, ... Read the full article
Two more, including a global reinsurer, await R3 approval from the IRDAI
23rd February 2017
The Insurance Regulatory and Development Authority of India (IRDAI) has received two new applications for the establishment of a general insurer in the region, one coming from a health insurance company and the other from a global reinsurance company. Speaking to the Press Trust of India, IRDAI non-life member P J ... Read the full article
Indian regulator calls for reinsurers to report overseas transactions
3rd February 2017
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 ... Read the full article
SCOR receives R3 approval from the IRDAI to establish regional branch
28th December 2016
Insurer and reinsurer SCOR has received R3 approval from the Insurance Regulatory and Development Authority of India (IRDAI) to establish a Composite Branch office in the region, the company has announced. SCOR is the latest global re/insurer to receive R3 authorisation, after the IRDAI granted approval to five other reinsurance ... Read the full article
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