Aimed at attracting more foreign reinsurers to establish operations in India, the Insurance Regulatory and Development Authority of India (IRDAI) has slashed the minimum capital requirement for foreign reinsurance branches (FRBs) from Rs 100 crore to Rs 50 crore with the provision to repatriate any excess assigned capital.
The format for reinsurance programmes has been simplified, and regulatory reporting requirements have been rationalized for increased clarity and effectiveness, IRDAI said on Thursday. A critical aspect of these amendments is their alignment with the broader goal of positioning India as a global reinsurance hub, it said
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