The Insurance Regulatory and Development Authority of India (IRDAI) on October 21, 2022, notified the Draft IRDAI (Re-insurance) (First Amendment) Regulations, 2022 to further amend the Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018
The following are major changes being contemplated:
a. To reduce compliance requirements on submission of the Advance Reinsurance programme.
b. To revise the order of preference while placing the Reinsurance business;
c. To increase the cession limits of the cedants while placing business with Cross Border Reinsurers;
d. To reduce the assigned capital limits requirements in respect of new Foreign Reinsurance Branches(FRBs)
e. The retrocession to IIOs to be counted towards the retention requirements of FRBs
The views and comments of the various stakeholders and the general public on the exposure draft may be sent on or before November 11, 2022, to [email protected] and [email protected].
