Re-insurance

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Functions and Responsibilities of Re-insurance Department.

IRDAI established the Re-insurance Department to take care of the following portfolios:-

All reinsurance related matters will be handled by the department including the following:

  • Examination of Reinsurance Programmes
  • Analysis of Final Reinsurance treaties and other placements, retrocession also the inwards
  • Registration and Analysis of Cross Border Reinsurers participating in Indian Reinsurance market
  • Arranging and facilitating Reinsurance Advisory Committee meetings, Preparing IRDAI recommendations on Obligatory Cessions and Notifying the obligatory cessions for each FY
  • Examining Fit & Proper and approval for Appointment and Remunerations of CEOs, WTDs of Reinsurance Companies, Foreign Reinsurers’ Branches, Lloyd’s India, Syndicates, Service Companies.
  • Approvals for places of Business (Opening, Closing, Relocation)
  • Off-site monitoring, Providing inputs for on-site inspections/enforcement Dept and Initiation of Regulatory Actions
  • Drafting the Reinsurance Regulations
  • Registration (R-1, R-2, R-3 processes) of Reinsurance Companies, Foreign Reinsurers’ Branches, Syndicates/Service Companies. Coordination with other Depts as the Nodal Dept for such process.
  • Registration of SEZs and issuing regulations / circulars / guidelines / orders on reinsurance related matters of the SEZs
  • Providing inputs to other Nodal Depts on the matter of registration of companies
  • Processing Legal matters, RTI, PQs, Ministry correspondences, Complaints, GI Council/ Life Council matters, Issues of Reinsurance Brokers on reinsurance matters. Providing inputs to SDD on all related matters.
  • Processing approval of various pools.
  • Monitoring implementation of Outsourcing Regulations, AML guidelines and other regulations applicable to reinsurance business
  • Collection and reconciliation of Annual Fees.
  • Updating the website
  • Maintaining IAIS standards
  • Coordination with Regulators of Foreign Jurisdictions
  • Reinsurance Product designs
  • Agriculture Reinsurance
  • Reinsurance Training and capacity building
  • Any other matter relating to reinsurance