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Reinsurers ordered to retain 50% of underwritten business within country

Posted On: Nov. 28, 2022 8:59 AM CST


The Insurance Regulatory and Development Authority of India has issued a requirement that Indian reinsurers, including foreign reinsurance branches, retain a minimum of 50% of their reinsurance business underwritten, within the country, Business Standard reports. The authority also said any retrocession up to 20% to the branch of a foreign insurer will be adjusted against the required minimum retention of 50%.