Irdai tightens norms for cross-border re-insurers
Insurance Regulatory and Development Authority of India (Irdai) has tightened norms for cross-border re-insurers(CBR) operating in India. It has said that the CBR should have credit rating of at least BBB (with Standard & Poor's) or equivalent for the past five years Stock Market Trading Tips
CBR means those re-insurers that do not have any physical presence in India and do re-insurance business with Indian insurance/re-insurance companies.
The regulator said the CBR planning to write re-insurance business should file its information sheet before transacting re-insurance business with any of the Indian insurance/re-insurance firms for the financial year. It said insurers have to do due diligence, scrutinise documents and ensure compliance with the criteria prescribed in these rules Himanshu Tiwari Astrologer Blog
CBR means those re-insurers that do not have any physical presence in India and do re-insurance business with Indian insurance/re-insurance companies.
The regulator said the CBR planning to write re-insurance business should file its information sheet before transacting re-insurance business with any of the Indian insurance/re-insurance firms for the financial year. It said insurers have to do due diligence, scrutinise documents and ensure compliance with the criteria prescribed in these rules Himanshu Tiwari Astrologer Blog
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