NEWS & ADVICE : AUTO INSURANCE
Reinsurance norms would constrain insurer’s freedom: GFIA
By Neelima Shankar
Apr 11, 2013
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According to Global Federation of Insurance Association (GFIA), the limits set by the insurance regulators to maximize retention of reinsurance business in the country will constrain insurer's freedom.

GFIA has 32 member associations which represent insurers that account for around 88 per cent of total insurance premiums worldwide.

The Insurance Regulatory and Development Authority (IRDA) have prescribed retention limits for risks ceded to reinsurers ranging from Rs 1 lakh to Rs 30 lakh.

This depends on the age of the insurer or the year in which the risk is introduced and the categories of products such as pure protection, savings, group protection and personal accident.


 


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