New Foreign Re-insurers Got Approval in India

2019 ias preliminary exam test series

The Insurance Regulatory and Development Authority of India (IRDAI) has issued Certificate of Registration to Seven foreign Re-insurers to set up branches in India. The details are as follows:

1)MunchenerRuckversicherungs-GesellschaftAktiengesellschaft.

2)Swiss Reinsurance Company Ltd.

3) SCOR SE – India Branch

4) Hannover Ruck SE

5) RGA Life Reinsurance Company of Canada

6) Lloyd’s India Reinsurance Branch

7) XL Insurance Company SE, India Reinsurance Branch.

Background:

Government through the Insurance Laws (Amendment) Act, 2015, has allowed foreign re-insurers to open their branches in India.

As of now, GIC Re is the only re-insurer fully operational in India. Recently, IRDAI has issued Certificate of Registration to another reinsurance company “ITI Reinsurance Ltd.” to transact reinsurance business in India.

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