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 shops within the country.
“We will be discussing their initial approvals during the board meeting of Irdai slated for later during the month,” said IRDAI member, life, finance and accounts, Nilesh Sathe, as reported by The Times of India.
Following the relaxation of regulatory guidelines in India, a number of global reinsurance companies have established a branch in India, including Gen Re, SCOR, Lloyd’s of London, Munich Re, Swiss Re, Reinsurance Group of America (RGA), Hannover Re, and XL Catlin.
