New reinsurance norms by year end likely: Irda

The Insurance Regulatory & Development Authority (Irda) on Tuesday said the new guidelines to strengthen the reinsurance regulations in the country are expected to be announced by the year end. Speaking to the media on the sidelines of a convocation at the Institute of Insurance and Risk Management (IIRM), jointly set up Irda and Andhra Pradesh government, Irda chief J Hari Narayan said a committee is working on the guidelines at present. The guidelines are expected to bring in transparency by adopting best practices as per international standards, he said. Globally, reinsurance in the life sector is less than 2% ...

More...