UK-based re-insurer Llyod’s has initiated talks with insurance regulator IRDA for starting operations in India and opening offices here.
“Llyod’s has informally approached IRDA for expansion. They have been waiting for the passage of the Bill to take this forward,” Insurance Regulatory and Development Authority of India (IRDA) Chairman TS Vijayan said.
Re-insurance is a business which provides insurance cover to
insurance players.
The amended law, passed by Parliament, enables foreign re-insurers to set up branches in India and defines re-insurance to mean ‘the insurance of part of one insurer’s risk by another insurer who accepts the risk for a mutually acceptable premium’.
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