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Irdai to allow insurers to auto renew FRN of cross border reinsurers

Move aimed at improving ease of doing business; reinsurers must first meet regulator's criteria for obtaining renewal, which would be available FY24 onwards

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This is in line with the regulators’ vision to provide ease of doing business to insurers and reinsurers so as to facilitate the development of the insurance industry in the country.

Subrata Panda Mumbai

3 min read Last Updated : Jan 05 2023 | 12:12 AM IST

The Insurance Regulatory and Development Authority of India (Irdai) has decided to consider allowing domestic insurance firm to auto renew the file reference number (FRN) of cross-border reinsurers (CBRs), provided that the CBRs meet the criteria laid down by the regulator for obtaining such a renewal. Currently, FRNs are allotted by the insurance regulator on an annual basis.

The CBRs play a significant role in the insurance ecosystem by providing reinsurance support/capacity to insurers. An insurer has to ensure that the CBR meets, inter alia, the rating requirements under Irdai (Reinsurance) Regulations, 2018 and acquires the FRN, before placing any

Topics : IRDAI Insurers Reinsurance Ease of Doing Business finance

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