GIC Re to get preference over foreign reinsurers in new reinsurance regulations

Reinsurance regulations in India have changed for the third time after a finance ministry official rejected the insurance regulator's proposal to keep reinsurer General Insurance Corp. of India on a par with other reinsurers, reports The Times of India.

The official said that GIC Re should be given preference in reinsurance deals. The change in reinsurance regulations might cause some global reinsurers to revise their plans for opening branches in India.

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