Foreign Insurers to operate within 6 to 9 months

Insurance Regulatory and Development Authority of India (IRDAI) said it expects foreign re-insurers which will get final clearance from the regulator to be operational in the country over the next six to nine months.

“We are hopeful that global reinsurance companies which will get final clearance from the regulator to open their branches in India will be operational in the next six to nine months”, IRDAI whole time member (finance & investments) V R Iyer said.

“We have received seven applications from major foreign reinsurance companies including Lloyds which have shown interest to open their branch offices in India. Applications from seven companies are in the different stages of consideration of the insurance regulator,” she said.