Reinsurance companies have approached the Insurance Regulatory and Development Authority of India (IRDAI) for a separate set of accounting and reporting norms for the industry.

Same norms used

At present, re-insurers in the country, including state-run General Insurance Corporation of India, use the same reporting norms prescribed by the regulator for insurance companies.

“The industry has been in talks with the IRDAI on a separate set of guidelines for re-insurers for reporting, accounting and end-use,” said an executive with a foreign reinsurance company.

Apart from GIC, there are nine foreign re-insurers that have set up operations in the country with branch offices. These include Swiss Re, Lloyd’s India, and Allianz Global Corporate and…

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