The insurance regulator IRDAI has appointed a committee to review the existing regulatory framework for reinsurance.
The 17-member committee, chaired by Mr M Ramaprasad, a former member of IRDAI, will study international regulatory frameworks and practices relating to reinsurance pools, Alternative Risk Transfer (ART) and such other mechanisms and make appropriate recommendations.
“In addition, it will look into the existing guidelines for SEZs and make necessary recommendations in the context of various reinsurance activities,” Mr PJ Joseph, Member-Non-Life of IRDAI, said in a notification.
The committee has been asked too devise formats for reports and returns required to be submitted to IRDAI.
Amendments to the insurance law in 2015 have introduced huge changes to the reinsurance sector by allowing foreign reinsurers and Lloyd's to set up branches in the country.
"In view of these developments, it has been decided to carry out a comprehensive review of the existing framework for reinsurance activities, including reporting requirements for the various entities," the statement said.
The committee is scheduled to submit its report by the end of August 2017.