India: Foreign reinsurers likely to open branches in 6-9 months' time
Source: Asia Insurance Review | Jan 2017
IRDAI is hopeful that the Indian branches of global reinsurance companies will be operational in the next six to nine months.
The regulator has seven applications from foreign reinsurers for branches in India, that are in different stages of consideration, including waiting for final clearance. “We are hopeful they should be operational within the next six to nine months,” reported Indo-Asian News Service citing IRDAI Member (Finance and Investment), Ms VR Iyer.
At present, state-owned GIC Re is the only reinsurer operating in the country while foreign reinsurers have liaison offices.