The Insurance Regulatory and Development Authority of India (IRDAI) has established a 17-member committee that will conduct a comprehensive review of the market’s current reinsurance framework.
According to the regulator, after passing amended insurance legislation in 2015, the country’s reinsurance industry has undergone several changes, including the entry of foreign reinsurance branches (FRBs), as well as Lloyd’s India branch, Lloyd’s syndicates, and service companies.
“In view of these developments, it has been decided to carry out a comprehensive review of the existing framework for reinsurance activities, including reporting requirements for the various entities,” the regulator was quoted by the Economic Times upon forming of the committee.
The Reinsurance Expert Committee is headed by M Ramaprasad, a former member of the IRDAI. It will be asked to review the regulatory framework for reinsurance, develop specific recommendations to improve it based on international best practices, and standardise formats for reports that will be submitted to the regulatory agency.
The committee is expected to finish and submit its report by the end of August 2017.
Related stories:
Insurer’s delayed incentive payouts upset agents
Lloyd’s India expansion nets another firm
Lloyd’s reveals Asia plans
