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Jun 2017 The Indian insurance regulatory department, Insurance Regulatory and Development Authority of India, IRDAI, has set up a panel of reinsurance experts. Made up of 17 members and chaired by Mr. Ramaprasad, the new entity is aimed at developing the local reinsurance market.
The committee has been designed, inter alia, to see to the compliance with national and international regulations. It is tasked with the drafting of reports and making solution proposals for the development of this industry.
The establishment of the expert‘s committee is all the more necessary as the Indian market has witnessed during recent years the entry of several foreign players such as Lloyd’s.
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