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The Insurance Regulatory and Development Authority of India grants special approval for the financial year 2018-19 to specific Cross Border Reinsurers. Insurance and reinsurance companies, Lloyd's India, and Foreign Reinsurance Branches must upload information sheets with supporting documents onto the web portal. They must generate Foreign Reinsurance Numbers before they make reinsurance placements. Reinsurance placements to the Cross Border Reinsurers marked with a hash symbol are subject to a maximum cession limit of five percent under the regulations.
What you must do
Key dates
Who is affected
Thresholds
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[Image omitted. See the official document.]
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
Ref: IRDA/RI/CIR/MISC/068/05/2018
Date: 07-05-2018
To All CEOs / CMDs of all Insurance / Reinsurance companies, Lloyd's India and Foreign Reinsurance Branches
Re: Cross Border Reinsurers (CBRs) granted approval under guideline no. 6 of the Guidelines on CBRs ref. IRDAI/NL/GDL/RIN/017/01/2016
On the basis of the submissions and recommendations made by re/insurers, the Authority has granted special approval for the FY 2018-19 to the below mentioned CBRs:
| Approval No. | CBR | Place |
|---|---|---|
| IRDAI/RI/CBR/2018-19/001# | Republican Unitary Enterprise | Belarus |
| IRDAI/RI/CBR/2018-19/002# | Anadolu Anonim Turk Sigorta Sirketi | Turkey |
| IRDAI/RI/CBR/2018-19/003# | Joint Stock Company Russian National Reinsurance Company | Russia |
| IRDAI/RI/CBR/2018-19/004# | CICA Re | Kenya |
| IRDAI/RI/CBR/2018-19/005# | GIC - Bhutan Reinsurance Company Ltd. | Bhutan |
| IRDAI/RI/CBR/2018-19/006# | East Africa Reinsurance Company Ltd. | Kenya |
| IRDAI/RI/CBR/2018-19/007# | Nepal Reinsurance Company Ltd. | Nepal |
| IRDAI/RI/CBR/2018-19/008# | Zep Re (PTA Reinsurance Company) | Kenya |
| IRDAI/RI/CBR/2018-19/009# | Bao Viet Insurance Corporation | Vietnam |
| IRDAI/RI/CBR/2018-19/010# | Asian Reinsurance Corporation | Thailand |
| IRDAI/RI/CBR/2018-19/011# | Ingosstrakh Joint Stock Insurance Company | Russia |
| IRDAI/RI/CBR/2018-19/012# | FAIR Pool | Morocco |
| IRDAI/RI/CBR/2018-19/013# | HDFC International Life and Re Company Ltd. | UAE |
| IRDAI/RI/CBR/2018-19/014# | PT Reasuransi Indonesia Utama (Persero) | Indonesia |
| IRDAI/RI/CBR/2018-19/015# | PICC Reinsurance Company Ltd. | China |
| IRDAI/RI/CBR/2018-19/016# | Iran Insurance Company (Bimeh Iran) | Iran |
#: Regulation 3(11) of the IRDA (General Insurance - Reinsurance) Regulations, 2016 specifies the segment-wise % cession limits w.r.t the total reinsurance premium that may be placed with any one CBR based on its rating. Reinsurance placements by re/insurers to the CBRs indicated by # are subject to a maximum cession limit of 5%, under the said regulations.
It is advised to ensure that the information sheets along with the supporting documents in respect of the above CBRs are uploaded in the IRDAI web portal and FRNs are generated before making placements.
[Image omitted. See the official document.]
Suresh Mathur (Executive Director) सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुडा, हैदराबाद-500 032, भारत (घ) : +91-40-2020 4000,फैक्स : +91-40-2020 4555 वेबसाइट : www.irdai.gov.in
Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India (घ) : +91-40-2020 4000, Fax : +91-40-2020 4555 Website : www.irdai.gov.in
