India reinsurance preference regulations take effect

The Indian insurance regulator has said amendments to requirements
for all ceded reinsurance business to be offered to local companies
are now effective.
The new rules allow foreign insurers to write Indian business
without cedants having to offer the right of first refusal to state
reinsurer GIC Re. They had originally been due take effect early
last year.
Under the new regime, the Insurance Regulatory and Development
Authority of India (Irdai) prioritises Indian reinsurers that have
had the re