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.
