After R1, the regulator gives R2 and R3 licenses post which the branch can become operational
For the final R3 approval, reinsurers will be required to bring in capital to set up a branch after the second state of approval, which is likely in October, T S Vijayan said
At present, there is only one domestic reinsurer, General Insurance Corporation of India
Recent Chennai floods led to heavy losses for insurers to the tune of Rs 5,000 cr