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Member, Beacon International Group, Ltd.
The Insurance Regulatory and Development Authority of India has given its initial approval, known as R1, to four global reinsurers to operate in the Indian market, reported The Indian Express.
The reinsurers are Swiss Re Ltd., Munich Reinsurance Co., Scor S.E. and Hannover Re S.E.
The regulator is conducting the due diligence for granting the final R2 approval to these reinsurers.
Six reinsurers had applied for a license to set up branch operations in India after the regulator announced its reinsurance regulations in November 2015.