Current issues in General Insurance Reinsurance –
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Current issues in General Insurance Reinsurance –

Author : jane-oiler | Published Date : 2025-06-23

Description: Current issues in General Insurance Reinsurance Regulations and Opportunities 3 July 2015 Disclaimer Our understanding is that India is looking to develop itself as an international reinsurance center besides having SEZ as a re

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Current issues in General Insurance Reinsurance – Regulations and Opportunities 3 July 2015 Disclaimer Our understanding is that India is looking to develop itself as an international (re)insurance center besides, having SEZ as a (re) insurance hub, seeking to attract (re) insurers to underwrite both onshore and offshore business There’s also an objective to promote Ease of Doing Business in line with the International Best Practices India is also looking ensure that it benchmarks with the other Hubs – Hong Kong, Singapore and also with Dubai International Financial Centre The following comments are therefore to accommodate these objectives rather than to cater to any external entity Regulations for Registration and Operations of Branch Offices of Foreign Reinsurers (excluding Lloyd’s) Procedure for registration Requisition for registration application Eligibility norms Consideration of requisition for registration application Application for registration and its consideration Conditions governing the registration of branches of foreign reinsurers Manner of computation of annual fee Operational issues pertaining to Branch offices of foreign reinsurer Regulations for Registration and Operations of Branch Offices of Foreign Reinsurers (excluding Lloyd’s) Operational issues pertaining to Branch offices of foreign reinsurer Geographical Scope Appointment of Chief Executive Officer and Key Management Personnel Outsourcing Accounting and Investments Reinsurance and Retrocession Order of preference for cessions by Indian Insurers Repatriation of surplus Delegated authorities Supervision and Control IRDAI (IFSC) Guidelines 2015 Reinsurance Business Eligibility Criteria Application and consideration for registration Scope of Operations Assigned Capital Direct insurance Business in SEZ Terms, conditions and requirements of Certification of Registration Applicability of the provisions of Insurance Act, 1938 Building a successful (re)insurance hub: Lessons from Dubai and Singapore Dubai and Singapore are the undisputed reinsurance centers for Middle East and Emerging Asia It’s a consequence of acute foresight and careful economic engineering Ingredients of a reinsurance hub Economic and political stability Quality of local legislation and regulation Ease of Doing Business Cosmopolitan environment Availability (importability) of highly skilled finance professionals Adequate education and training facilities Competitive tax environment Convenient geographical location Available capacity for mainline and niche segments Cluster of services – specialized lawyers, Loss adjusters, Risk Engineers, forensic Accountants and HR Consultants etc. DIFC – A purposefully built free zone DIFC offers its member companies major benefits Full foreign ownership Zero tax rate No restrictions on capital convertibility No restrictions on profit repatriation Cluster of reinsurers, Lloyd’s cover holders, MGAs and other specialized service providers The Free Zone

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