Tuesday, June 16, 2015

Irdai on Foreign Reinsurers

Foreign Reinsurance need to have a minimum credit rating of a stable outlook from a renowned international agency for at least five years to set up branch offices in India, Insurance Regulatory and Development authority of India (IRDAI) said in its draft norms on registration and operation of branch offices. It also said applicants should have a minimum net owned fund of `5,000 crores at any time.

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