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Insurance Regulatory and Development Authority of India (Irdai) has tightened norms for cross-border re-insurers (CBR) operating in India. It has said that the CBR should have credit rating of at least BBB (with Standard & Poor's) or equivalent for the past five years.
CBR means those re-insurers that do not have any physical presence in India and do re-insurance business with Indian insurance/re-insurance companies.
The regulator said the CBR planning to write re-insurance business should file its information sheet before transacting re-insurance business with any of the Indian insurance/re-insurance firms for the financial year. It said insurers have to do due diligence, scrutinise documents and ensure compliance with the criteria prescribed in these rules.
