IRDAI grants final license to 5 global reinsurers, including RGA, Swiss Re

IRDAI grants final license to 5 global reinsurers, including RGA, Swiss Re 

The insurance regulator IRDAI has approved the R3 application and granted certificate of registration to five global reinsurers to opens shops in India. The R3 is the final approval from the regulator to begin branch operations. The five global reinsurers that were granted final approval by the regulator are:

1.US-based reinsurer Reinsurance Group of America (RGA)

2.Munich Re from Germany

3.Hannover Germany

4.Swiss Re from Switzerland and

5.French reinsurance major Scor

Another Swiss reinsurer XL Catlin and London-based specialised reinsurer Lloyd’s are expected to get R2 soon, whereas Gen Re (part of Berkshire Hathaway of Warren Buffet) is set to receive R1 approval shortly.

ITI Reinsurance, promoted by a domestic firm controlled by Sudhir Valia, has already received R2 licence and is waiting the final approval to kick off its operations.

Currently, state-owned GIC Re is the sole reinsurer in the country. The reinsurance market is estimated to be at around USD 2.5 billion.

IRDAI

♦ The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India.

♦ It was constituted by the Insurance Regulatory and Development Authority Act, 1999.

♦ Headquarter: Hyderabad, Telangana

♦ Chairman: T.S Vijayan