Insurance Regulatory and Development Authority of India on 20th March, 2024 has issued the Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024. These regulations shall be reviewed once in every three years from the date of publication, unless a review, repeal or amendment is warranted earlier.
The regulation is issued to promote orderly growth of the reinsurance market in India, to strengthen and harmonize the current legal and regulatory framework in relation to the various aspects governing entities engaged or intending to engage in reinsurance operations in India.
