Regulator Irdai on Tuesday said it will take a call within four months on granting licences to four reinsurance companies which have sought approval to start operations in the country.
Swiss Re, Lloyd's, Munich Re and Hannover from Germany have approached the Insurance Development and Regulatory Authority of India (IRDAI) for licences to open offices in the country, its chairman TS Vijayan said.
"We have got applications from four companies to establish branches here (in India). We are processing it. I think it will take another 3-4 months... (in) the next board meeting we will decide," Vijayan told reporters on the sidelines of Irdai's 'Formation Day' celebrations.
Lloyd's, the global specialist insurance and reinsurance market, on April 1 announced its intention to apply for a licence for reinsurance branch based in Mumbai following Irdai's publication of regulations governing the reinsurance sector earlier that week.
