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.
Today’s stories
Towergate to merge with Ryan Direct, Chase Templeton, Autonet
Reserve release potential drying up for some reinsurers, says Munich Re CFO
AmTrust plans to sell MGA operations to raise $1bn cash
Allianz Life hires COO for investment management unit in North America
Willis Towers Watson appoints Integro exec as Midwest leader
Aon profit falls in Q1 as expenses rise
AmTrust Q1 profit hit by cat losses, adverse reserve development
Willis boosts insurance strategy team in Asia Pacific with new hire
Legal & General poaches former AXA head of regional broker
Former chief executive of QBE North America joins RLI board
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
