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The Insurance Regulatory and Development Authority of India (IRDA) has released the list of Cross Border Reinsurers (CBR) for the year 2018-19.
On the basis of the submissions and recommendations made by reinsurers, the authority had granted special approval for the 16 CBRs, according to a circular issued here.
According to guidelines on cross-border insurers issued by IRDAI, CBR refers to those reinsurers who do not have any physical presence in India and do reinsurance business with Indian insurance/reinsurance companies.
The CBRs, which have been granted approval, include Republican Unitary Enterprise, Belarus; Asian Reinsurance Corporation, Thailand; HDFC International Life and Re Company Ltd, UAE; and Iran Insurance Company.
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