Reinsurers ordered to retain 50% of underwritten business within country

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%.