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ARTICLE · 02 JANUARY 2019

IRDAI Unveils New Reinsurance Regulations In India

Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co
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Shardul Amarchand Mangaldas & Co

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The Regulations were keenly awaited by the Indian insurance sector and aim to keep at pace with the changing market dynamics.

IndiaInsurance
Shailaja Lall
Shailaja Lall
Ashish Teni
Ashish Teni
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The IRDAI has notified the IRDAI (Re-insurance) Regulations, 2018 ("Regulations"), which will come into force on January 1, 2019 and repeal the previous regulations applicable to reinsurance (i.e. the IRDAI (General Insurance - Reinsurance) Regulations, 2016 ("GIR Regulations") and the IRDAI (Life Insurance - Reinsurance) Regulations, 2013).

The Regulations were keenly awaited by the Indian insurance sector and aim to keep at pace with the changing market dynamics. In this article, we discuss the major changes that have been introduced by the Regulations:

  • Order of Preference: GIC Re continues to enjoy first preference in reinsurance placements of Indian cedants over Indian branch offices of foreign reinsurers ("FRBs"), International Financial Service Centre Insurance Offices ("IIOs") and cross border reinsurers ("CBRs").

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