General Insurance Corp. of India may retain its first right for reinsurance business in India under the insurance regulator's new measures, Bloomberg News reported June 14, citing two officials aware of the development.
The Insurance Regulatory and Development Authority of India may give the second preference to nine foreign reinsurance branches in India, while the third preference will go to insurance offices in International Financial Services Centre, GIFT City. The fourth preference, in case the others refuse the business, will go to cross-border reinsurers, the officials said.
The regulator will likely consider the measures at its board meeting on June 29. The regulator had published the draft norms on its website in January.