Indian reinsurers may get priority
Indian reinsurers might be given the right of first refusal in treaties with insurers.
The insurance regulator held a board meeting last week where this matter was discussed and a final decision will be taken soon Stock Market Trading Tips
Foreign reinsurers have written to the government and the insurance regulator and met finance ministry officials on this issue.
The Insurance Regulatory and Development Authority of India (IRDAI) has added a new proposal in guidelines on branch licences for foreign reinsurers where it said first preference would be given to Indian reinsurers in their treaty surpluses.
If this proposal goes through, first preference in all such agreements between reinsurers and insurers will be given to Indian reinsurers. Only if a risk is rejected by an Indian reinsurer will it be passed on to others Himanshu Tiwari Astrologer Blog
Swiss Re, Munich Re, Hannover Re, SCOR and RGA (Reinsurance Group of America) had applied for branch licences after the final guidelines were issued. These reinsurers have held several rounds of discussions among themselves on how to take up the matter with the regulator.
The reinsurance industry is about Rs 18,000 crore in India of which life insurance constitutes about Rs 1,200 crore. In its Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd’s Regulations 2015, the Insurance Regulatory and Development Authority of India had said with respect to order of preference for cessions, the insurer could offer it for participation to any Indian or international reinsurer with a branch presence.
Industry executives said even though it was a draft, since the regulator had said these changes were made on the advice of the government, the proposal was unlikely to be revised Indian stock market astrology prediction
General Insurance Corporation of India is the sole Indian reinsurer. Regulatory norms require mandatory cession to GIC, which means a fixed percentage of the total risk has to be reinsured with it.
The insurance regulator held a board meeting last week where this matter was discussed and a final decision will be taken soon Stock Market Trading Tips
Foreign reinsurers have written to the government and the insurance regulator and met finance ministry officials on this issue.
The Insurance Regulatory and Development Authority of India (IRDAI) has added a new proposal in guidelines on branch licences for foreign reinsurers where it said first preference would be given to Indian reinsurers in their treaty surpluses.
If this proposal goes through, first preference in all such agreements between reinsurers and insurers will be given to Indian reinsurers. Only if a risk is rejected by an Indian reinsurer will it be passed on to others Himanshu Tiwari Astrologer Blog
Swiss Re, Munich Re, Hannover Re, SCOR and RGA (Reinsurance Group of America) had applied for branch licences after the final guidelines were issued. These reinsurers have held several rounds of discussions among themselves on how to take up the matter with the regulator.
The reinsurance industry is about Rs 18,000 crore in India of which life insurance constitutes about Rs 1,200 crore. In its Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd’s Regulations 2015, the Insurance Regulatory and Development Authority of India had said with respect to order of preference for cessions, the insurer could offer it for participation to any Indian or international reinsurer with a branch presence.
Industry executives said even though it was a draft, since the regulator had said these changes were made on the advice of the government, the proposal was unlikely to be revised Indian stock market astrology prediction
General Insurance Corporation of India is the sole Indian reinsurer. Regulatory norms require mandatory cession to GIC, which means a fixed percentage of the total risk has to be reinsured with it.
posted by Naresh Jain @ 00:45
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