The Insurance Regulatory and Development Authority of India (IRDAI) has granted approval to 23 cross border reinsurers (CBR) for the year 2016-17, according to an announcement on its website.
Cross-border reinsurers are classed as those who do not have a physical presence in India but carry on reinsurance business with Indian insurance companies.
Those approved include: Partner Re (Bermuda); Ingosstrakh Joint Stock Insurance Company (Russia); Axa Insurance (Singapore); Asian Reinsurance Corporation (Thailand); Trust Re (Bahrain); United Overseas Insurance Company (Singapore); Equator Reinsurances Ltd (Bermuda); East Africa Reinsurance Company Ltd (Nairobi); Vietnam National Reinsurance Corporation (Vietnam); CICA Re (Kenya); Arab Insurance Group (Labuan); Union Insurance Company (UAE); MISR Insurance Company (Eygpt); and Iran Insurance Company.
According to the Hindu Business Line newspaper, the regulator recognised 244 reinsurers and 90 Lloyds Syndicates in the years 2015-16 and in 2014-15, 238 reinsurers and 87 Lloyds Syndicates were approved.
It is likely that the authority may give further approvals in future, the report added.
The full list can be found here.