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The Insurance Regulatory and Development Authority of India grants special approval to eleven cross border reinsurers for the financial year 2019-20. The approval applies under Regulation 4 of the IRDAI Re-insurance Regulations, 2018. Insurance companies, reinsurance companies, and foreign reinsurance branches must follow a placement limit of five percent for specific cross border reinsurers marked with a hash symbol. Reinsurance placements to those specific cross border reinsurers shall not exceed five percent of the total reinsurance premium ceded outside India.
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[Image omitted. See the official document.]
CIRCULAR
Ref: IRDA/RI/CIR/MISC/058/04/2019
Date: 04-04-2019
To All CEOs/CMDs of all Insurance/ Reinsurance companies & Foreign Reinsurance Branches
Re: Cross Border Reinsurers granted approval under Regulation 4 of IRDAI (Re-insurance) Regulation, 2018.
On the basis of the submission made by cross border reinsurers and recommendations made by (re)insurers, the Authority has granted special approval to the below mentioned CBRs, applicable for the FY 2019-20.
| Approval No | Name of CBR | Country |
|---|---|---|
| IRDAI/RI/CBR/2019-20/001# | Republican Unitary Enterprise - "Belarusian National Reinsurance Organization" | Belarus |
| IRDAI/RI/CBR/2019-20/002# | Nepal Re | Nepal |
| IRDAI/RI/CBR/2019-20/003# | East Africa Re | Kenya |
| IRDAI/RI/CBR/2019-20/004# | CICA Re | Kenya |
| IRDAI/RI/CBR/2019-20/005# | Ingosstrakh Joint Stock Insurance Co. | Russia |
| IRDAI/RI/CBR/2019-20/006# | PICC Re | China |
| IRDAI/RI/CBR/2019-20/007# | Zep Re (PTA Reinsurance Co.) | Kenya |
| IRDAI/RI/CBR/2019-20/008# | Asian Re | Thailand |
| IRDAI/RI/CBR/2019-20/009# | Joint Stock Company Russian National Reinsurance Company (RNRC) | Russia |
| IRDAI/RI/CBR/2019-20/010# | Bao Viet Insurance Corporation | Vietnam |
| IRDAI/RI/CBR/2019-20/011# | PT Reasurancsi Indonesia Utama (Persero) - "Indonesia Re" | Indonesia |
#: Reinsurance placements by (re)insurers/FRBs to the CBRs indicated by # shall not exceed 5% of the total reinsurance premium ceded outside India.
[Image omitted. See the official document.]
Suresh Mathur Executive Director
सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुडा, हैदराबाद-500 032, भारत | Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India (6) : +91-40-2020 4000 वेबसाइट : www.irdai.gov.in (6) : +91-40-2020 4000 Website : www.irdai.gov.in
