Foreign reinsurers will be allowed to repatriate excess capital

The Insurance Regulatory and Development Authority of India has passed a new regulation that allows foreign reinsurance branches and Lloyd's India to repatriate excess capital after seeking necessary approvals, Asia Insurance Review reported. Effective Oct. 26, foreign reinsurers operating through an Indian branch in the country can repatriate excess capital while meeting prerequisites such as maintaining a minimum assigned capital of 1 billion Indian rupees ($12 million) net of provisions.