In a move that will relax the entry of global reinsurers into India, insurance regulator IRDAI has announced norms that will bring global reinsurance companies on par with domestic players. The new guidelines, which will come into effect immediately, prescribe categories in which reinsurers, both foreign and Indian, applying for licence, will be assessed. Requests for new branch offices will also be scrutinised for their eligibility based on key parameters. In the last week of December, Insurance Regulatory and Development Authority of India (IRDAI) had granted branch licences to Swiss Re, Munich Re, SCOR Re, Hannover Re and RGA Life Reinsurance Company of Canada.
