Insurance Regulator Asks Reinsurers to Submit Overseas Transaction Details

Regulator Irdai has directed reinsurers and composite insurance brokers to submit with it details about reinsurance transactions involving overseas entities as such deals might have an impact on servicing clients in India.

It has been brought to the notice of the Insurance Regulatory and Development Authority of India (Irdai) that reinsurance and composite brokers undertake reinsurance transaction between entities that are domiciled in foreign jurisdictions.

Such transactions, the regulator said, may have a bearing on the servicing of Indian policyholders. "Therefore, the Authority advises the reinsurance/ composite insurance broking companies to file a return with the Authority in the format prescribed," Irdai  said in a circular.

The brokers are required to file return within 45 days of end of half-year beginning from the financial year 2016-17.