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ARTICLE · 09 JANUARY 2019

IRDAI Re-insurance Regulations 2018: Overview Of The Key Changes

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On 12th December 2018 the IRDAI (Re-insurance) Regulations 2018 (the "2018 Regulations") were notified.

IndiaInsurance
Celia Jenkins
Celia Jenkins
Anuj Bahukhandi
Anuj Bahukhandi
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On 12th December 2018 the IRDAI (Re-insurance) Regulations 2018 (the "2018 Regulations") were notified. The 2018 Regulations came into force on 1st January 2019 and consolidate the provisions governing reinsurance business in India into one set of applicable regulations along with introducing new requirements for both life and general reinsurance business.

The 2018 Regulations repeal the IRDAI (General Insurance – Reinsurance) Regulations 2016 (the "2016 Regulations") and IRDAI (Life Insurance – Reinsurance) Regulations 2013 (the "2013 Regulations"). They also amend to relevant extent the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers Other than Lloyd's) Regulations 2015 (the "Branch Office Regulations") and the IRDAI (Lloyd's India) Regulations 2016 (the "Lloyd's India Regulations").

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