Insurance & Reinsurance in India

AMLEGALS is one of the most promising and authorative law firm for insurance & reinsurance in India.

Our specialised team of lawyers in Mumbai & Ahmedabad handles the following in the domain of insurance & reinsurance in India

Regulatory Advisory

Drafting & vetting of Contracts

Holistic advisory on existing & new products

Policy formulations

Safeguards

Risk averments

Reinsurance management

The Regulations

IRDAI (Re-insurance) Regulations, 2018 which came into effect from January 1, 2019, has brought new dynamics and much awaited changes in entire insurance and reinsurance industry in India.

The aforesaid regulation had been made applicable to “Indian Insurer”. The word “insurer” itself is very exhaustive and it includes the following :

a.Indian Insurance Companies,

b.Insurance co-operative societies,

c.Statutory bodies carrying on insurance business, and

d.Foreign Reinsurer’s Branches(FRBs) in India.

Consolidation

The aforesaid Regulations have finally brought a uniformity in provisions meant for reinsurance business in India be it for life or general reinsurance businesses.

While the objective of maximising retention of reinsurance in India seems to have been served with the said Regulation but at the same it has resulted into providing a level playing field for both the FRBs and Indian Reinsurers for reinsurance of general insurance risks in India.

The reinsurance in India is at nascent stage and a very big business is on card for reinsurance players in India.

To know more on our practice in insurance and reinsurance in India, feel free to connect with mumbai@amlegals.com.

+91-8448548549

info@amlegals.com

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