The Insurance Regulatory and Development Authority of India (Irda) has approved the R3 application and granted certificate of registration to five global reinsurers to opens shops. The R3 is the final approval from the regulator to begin branch operations.
The five global reinsurers that were granted final approval by the regulator are the US-based reinsurer Reinsurance Group of America (RGA), Munich Re and Hannover from Germany, Swiss Re from Switzerland and French reinsurance major Scor.
So, let’s discuss some questions related to this post:
Q1. How many companies get approved by the IRDA for the R3 application to open shops in India, recently?
Ans1. 5 companies