The Insurance Regulatory and Development Authority of India (IRDAI) has proposed revisions to the country’s rules for the order of preference on reinsurance business, which could see alterations to GIC Re’s right to first refusal.
A new exposure draft detailing the amendments to regulations under consideration shows that IRDAI is looking to remove the order of preference that favours GIC Re and three foreign reinsurance branches.
GIC Re is a state-owned entity and the sole reinsurer in India’s domestic reinsurance market, providing reinsurance to the direct general insurance companies.
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