Introduction
On 21 October 2022, the IRDAI had issued an exposure draft on the IRDAI (Re-insurance) (Amendment) Regulations 2022 (“October Draft”) with an aim to reduce the requirements on placement of reinsurance, revise the existing Order of Preference to be followed by a Cedant[1] while reinsuring its risks and increase the limits placed on cessions to Cross Border Reinsurers (“CBRs”), while continuing the existing principle of maximising retention[2] within India. Our article on the key changes proposed under the October Draft can be accessed here… https://www.tuli.co.in/pdf/2022/0212.pdf
