Indian regulator IRDAI gives approval to 11 cross-border reinsurers for 2019-2020
The Insurance Regulatory and Development Authority of India (IRDAI) has granted special approval to 11 cross-border reinsurers (CBR) for the year 2019-20, according to a circular issued on April 04.
According to the guidelines issued by IRDAI, CBR refers to those reinsurers who do not have any physical presence in India and do reinsurance business with Indian insurance/reinsurance companies.
On the basis of the submissions and recommendations made by reinsurers, the 11 entities given permissions for 2019-20 are Nepal Re, Russia's Ingosstrakh Joint Stock Insurance, China's PICC Re, Asian Re (Thailand), Joint Stock Company Russian National Reinsurance Com an RNRC, Bao Viet Insurance Corporation (Vietnam), PT Reasurancsi Indonesia Utama (Persero) — Indonesia Re, Republican Unitary Enterprise - Belarusian National Reinsurance Organization, and three reinsurers from Kenya — East Africa Re, CICA Re, and Zep Re (PTA Reinsurance Co.).
This compares to 16 CRB approvals given for the year 2018-19.
In 2017-18, 18 cross-border reinsurers secured approval from IRDAI, while 23 entities were given permission in 2016-17.
As per the regulations stated in the circular, the reinsurance placements by re/insurers and foreign reinsurance branches (FRBs) to the approved CBRs shall not exceed 5 percent of the total reinsurance premium ceded outside India.
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