Questions raised over interpretation of Indian renewal rules

Indian cedants have been seeking quotations from the entire
reinsurance market for the 1 April renewals, despite the
country's regulator stipulating that all business should be
offered to GIC Re first.
Sources in India have told The Insurance
Insider that some cedants and brokers have acted as
if the so-called order of preference rules only apply at the
placement stage, and are seeking quotes and terms from the entire
market before offering a preferential share to GIC Re.
It is...