Indian regulator forms reinsurance expert committee

The Insurance Regulatory and Development Authority of India (IRDAI) has formed a reinsurance expert committee to review the current regulatory framework for the market.

The committee includes members from IRDAI, the CEO of Lloyd’s India, the CEO of Gen Re India, and the CEO of Aegon Life Insurance India, among several others. It has been set up in light of foreign  reinsurance branches and Lloyd’s entering the country's reinsurance market.

IRDAI said in a statement: "In view of these developments it has been decided to carry out a comprehensive review of the existing framework for reinsurance activities including reporting requirements for the various entities.

"Consequently, the Authority hereby sets up a Reinsurance Expert Committee."

Lloyd's of London recently opened its India branch in Mumbai. A number of foreign reinsurers have received approval to operate in India via a branch, including Swiss Re, Munich Re, Hannover Re, XL Catlin, Reinsurance Group of America (RGA), and SCOR Global.

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