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Below The Reaction quote on recent IRDAI's amendments to the reinsurance regulations Mr. Prateek Singhal, Head Reinsurance, Howden Insurance Brokers India Pvt. Ltd.

“With a vision to foster the entire ecosystem around reinsurance, IRDA has brought about a few amendments that aim to boost the overall capacity in India. The minimum required capital for foreign reinsurance branches has been halved from Rs. 100 crore to Rs. 50 crore, enabling more reinsurers to enter the Indian market. The previously six-level preference hierarchy has been simplified to four levels. The amended Order of Preference for IIOs (International Financial Services Centre Insurance Offices) and FRBs will increase competitiveness, benefiting the sector. All these developments demonstrate the regulator's intention to create India as the new Asian reinsurance centre.”

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