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Member, Beacon International Group, Ltd.
The right to first refusal granted to General Insurance Corporation of India, under which the reinsurer has the first right to accept or refuse any reinsurance treaty in the country, will come under review in December, Money Control reported. Several foreign reinsurers, including Swiss Re A.G., Munich Reinsurance Co. and Hannover Re S.E., had expressed concern about the right to first refusal proposal and said that it gave more rights to GIC Re.