The case for a reinsurance hub
George Mathew: Jan 23 2013, 00:44 IST
it makes sense as the reinsurance business involves spreading of risks to the reinsurer situated in different jurisdictions. Currently, the reinsurance premium for the risks is ceded abroad leaving little control by Insurance regulator IRDA on such business. By allowing foreign reinsurer to set up branches, the IRDA will have better control over the working of reinsurers and can ensure that premiums collected by the branches of foreign reinsurers are invested in India as well as make available to them the technical skills for assessing the risk.
George is a Senior Editor based in Mumbai.
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