Functions and Responsibilities of Re-insurance Department.
IRDAI established the Re-insurance Department to take care of the following portfolios:-
All reinsurance related matters will be handled by the department including the following:
- Examination of Reinsurance Programmes
- Analysis of Final Reinsurance treaties and other placements, retrocession also the inwards
- Registration and Analysis of Cross Border Reinsurers participating in Indian Reinsurance market
- Arranging and facilitating Reinsurance Advisory Committee meetings, Preparing IRDAI recommendations on Obligatory Cessions and Notifying the obligatory cessions for each FY
- Examining Fit & Proper and approval for Appointment and Remunerations of CEOs, WTDs of Reinsurance Companies, Foreign Reinsurers’ Branches, Lloyd’s India, Syndicates, Service Companies.
- Approvals for places of Business (Opening, Closing, Relocation)
- Off-site monitoring, Providing inputs for on-site inspections/enforcement Dept and Initiation of Regulatory Actions
- Drafting the Reinsurance Regulations
- Registration (R-1, R-2, R-3 processes) of Reinsurance Companies, Foreign Reinsurers’ Branches, Syndicates/Service Companies. Coordination with other Depts as the Nodal Dept for such process.
- Registration of SEZs and issuing regulations / circulars / guidelines / orders on reinsurance related matters of the SEZs
- Providing inputs to other Nodal Depts on the matter of registration of companies
- Processing Legal matters, RTI, PQs, Ministry correspondences, Complaints, GI Council/ Life Council matters, Issues of Reinsurance Brokers on reinsurance matters. Providing inputs to SDD on all related matters.
- Processing approval of various pools.
- Monitoring implementation of Outsourcing Regulations, AML guidelines and other regulations applicable to reinsurance business
- Collection and reconciliation of Annual Fees.
- Updating the website
- Maintaining IAIS standards
- Coordination with Regulators of Foreign Jurisdictions
- Reinsurance Product designs
- Agriculture Reinsurance
- Reinsurance Training and capacity building
- Any other matter relating to reinsurance