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Foreign reinsurers R2 branch license approval likely in IRDAI October board meet

Meeting scheduled for Oct 24

M Saraswathy  |  Mumbai 

Foreign reinsurance companies who have applied for a branch license in India are likely to get their R2 or second phase of approval in October. Sources said that their proposals will come for approval in the Insurance Regulatory and Development Authority of India (IRDAI) meeting to be held later this month. As per insurance laws, there are three stages of approval required for getting a licence for an insurance company. R1 is the preliminary approval given by IRDAI wherein the regulator evaluates the promoters. In the second stage (R2), the regulator looks into the business model of the ...

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