The Insurance Regulatory and Development Authority of India (IRDA) is likely to accord final approval to three foreign re-insurers to set up onshore branches for starting direct operations by the end of this month.
IRDAI sources told BusinessLine that the IRDA Board would take up the subject at its meeting towards the end of June. Four foreign re-reinsurance players — Germany’s Munich Re and Hannover Re, Switzerland’s Swiss Re and France’s SCOR — have already got the preliminary approval, called R1 in the insurance parlance.
This time around, “the final approval may be granted to a few — most likely to three”, said an insider in the domestic regulator.
