Llyod’s in talks with IRDA to set up re-insurance business in India


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’.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.