IRDAI is working towards making India a global reinsurance hub, Chairman Debasish Panda said.
The IFSC Gift City in Gandhinagar can become the edifice on which the global reinsurance hub can be created within the country, he said while speaking at a CII event.
“We are making efforts towards building a reinsurance landscape which will enable India to become a global reinsurance hub,” Panda said.
The regulator has sent some proposals to the government for amendment of the Insurance Act which will facilitate entry of differentiated players in the sector.
“We have sent some proposals to the government for amendment of the Insurance Act. It will enable entry of new players in the form of micro, regional, small, captive, specialised players and even composite licenses,” Panda said.
The move will help insurance companies to cater to different geographies and strata of the population.
