MS Amlin pulls back from Indian reinsurance market following group-wide performance review
MS Amlin, the first re/insurer to join Lloyd's India office, has informed the Indian regulator IRDAI that it has decided to discontinue business operations in India as part of a group-wide review of its operating structure and performance.
According to the Insurance Regulatory and Development Authority of India (IRDAI), MS Amlin through Lloyd’s India has not underwritten any business other than that of Agriculture Insurance (AICL) in the FY 2017-18.
Both MS Amlin and AICL has informed IRDAI that they wish to enter into a novation agreement for transfer of the existing reinsurance treaties to MS Amlin Underwriting (MSAUL) at Lloyd’s London.
The regulator noted that following its decision to exit the Indian reinsurance market, MS Amlin must close all its bank accounts in India and submit supporting documents with the IRDAI. However, Lloyd’s India will remain accountable to the IRDAI and ensure that any issues on the matter of novation agreement are to be escalated to Lloyd’s London and also to MS Amlin to ensure speedy resolution.
MS Amlin was granted joint Certificate of Registration (CoR) by the authority to transact reinsurance business for the period of three years with effect from March 29, 2017.
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