INSUBCONTINENT EXCLUSIVE:
MUMBAI: Prem Watsa-promoted Digit Insurance has bought 100 per cent stake in private reinsurance company ITI Reinsurance from Fortune
RGA to open branches in India after the Amendment of Insurance Act in 2015.
Indian general insurance companies renew their treaty in April
As on March 31, 2018, ITI Reinsurance had accepted proposals but could not get the obligatory part due to regulatory mandates
As per regulations, insurance companies can insure with a domestic reinsurer having a credit rating for the past three years showing
financial stability.
The preference treatment is attracting global reinsurance companies which would like to get a share of the around Rs
30,000-crore reinsurance market in India
There are 361 reinsurers registered in India.
For setting up a branch in India, a reinsurance company has to bring in an initial capital of
Brokers operating in India have said that those reinsurers setting up branches will get monopoly access to the Indian market, throttle
competition and innovation.
