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…