IRDAI’s Revamped Guidelines for Cross Border Re-insurers writing Indian Risks

Introduction

On 3 January 2023, the IRDAI issued the “Guidelines on Issuance of File Reference Numbers (FRN) to Cross Border Re-insurers” (“2023 CBR Guidelines”), which superseded the former guidance
under the IRDAI’s Guidelines on Cross Border Re-Insurers of 22 January 2021 (“2021 CBR Guidelines”). The stated objective for the 2023 CBR Guidelines was to “streamline the regulatory
process with respect to cross border reinsurers” and to enhance the ease of doing business[1]

Evolution of Cross Border Reinsurer (“CBR”) norms in India

At present, an Indian Insurer (“Cedant”) writing non-life business is required to apply to the IRDAI and obtain a File Reference Number (“FRN”)[2] for placing reinsurance business with a CBR. The process has been made online and an auto-renewal facility is available (limited to 3 years). Read more