The Insurance Regulatory and Development Authority of India granted the Certificate of Registration to Valueattics Reinsurance Ltd. This makes the company the first reinsurer to be granted registration to exclusively carry out reinsurance business in the revamped regulatory landscape. It marks a significant step in fostering competition in the reinsurance sector, IRDAI stated in a press release post its meeting.
The regulator also identified Life Insurance Corp. of India, The New India Assurance Co. and the General Insurance Corp. of India as Domestic Systemically Important Insurers.
A status update was also discussed on the progress made in the ‘State Insurance Plan,' the release said. Under this initiative the Regulator facilitates collaboration of insurers with state/UT administration and other stakeholders for wider insurance penetration.
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