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Title: Order
Reference No.: IRDA/NL/ORD/RIN/111/05/2017
Date: 05/05/2017
Constitution of Reinsurance Expert Committee
The Insurance Regulatory and Development Authority of India (IRDAI) has notified various Regulations, Guidelines, Circulars over the years, pertaining to Reinsurance Business. The enactment of Insurance Laws (Amendment) Act, 2015 has brought about changes in the Reinsurance market in India by facilitating the entry of Foreign Reinsurance Branches (FRBs) and Lloyd’s India Branch, Lloyd’s Syndicates & Service Companies. Insurance Offices in IFSC (SEZ) have also been set up. In view of these developments it has been decided to carry out a comprehensive review of the existing framework for reinsurance activities including reporting requirements for the various entities. Consequently, the Authority hereby sets up a Reinsurance Expert Committee with the following constitution (Part I). The Terms of Reference of the Committee are specified thereafter (under Part II).
 
I.              Constitution of the Committee:
 
 
Name
Organization
Position in the Committee
1
Mr. M Ramaprasad
Ex-Member, IRDAI
Chairman
2
Mr. Yogesh Lohiya
Independent Expert
Member
3
Mr. K Ramachandran
Independent Expert
Member
4
Mr. Shankar Garigiparthy
CEO, Lloyd’s India
Member
5
Mr. Venkatesh Chakravarty
CEO, Gen Re, India
Member
6
Mr. Sanjay Datta
Chief - Underwriting, Reinsurance & Claims, ICICI Lombard GICL
Member
7
Mr. Segar Sampathkumar
GM & Director, GIC Re
Member
8
Ms. Tajinder Mukherjee
GM, The New India Assurance Co. Ltd.
Member
9
Ms. Madhuri Kulkarni
Executive Director, Actuarial, LIC of India
Member
10
Mr. K S Gopalakrishnan
MD & CEO, Aegon Life Insurance Co. Ltd.
Member
11
Ms. Madhu Damle
MD, International Reinsurance & Insurance Consultancy And Broking Services Private Limited (IRICBS)
Member
12
Secretary General
GI Council
Member
13
Secretary General
LI Council
Member
14
Ms. Mamta Suri
CGM, IRDAI -F&A
Member
15
Ms. Yegnapriya Bharath
CGM, IRDAI - Non-Life
Member
16
Mr. S P Chakraborty
GM, IRDAI - Actuarial
Member
17
Mr. N M Behera
DGM, IRDAI - Non-Life
Convenor
 
 
II.            Terms of Reference of the Committee:
 
1.    Review the current regulatory framework for Reinsurance and make suitable recommendations.
2.    Study international regulatory framework and practices relating to Reinsurance Pools, Alternative Risk Transfer (ART) and such other mechanisms and make appropriate recommendations for India.
3.    Study the existing guidelines for SEZ and make necessary recommendations in the context of various Reinsurance activities.
4.    Make specific recommendations and devise formats for reports and returns required to be submitted to IRDAI.
 
The Committee would be expected to interact with all relevant stakeholders —Cedants, Reinsurers, Retrocessionaires, Brokers, Customers etc. before arriving at its recommendations. It may form sub-committees if required, to work on and deliver on the ToR.
 
 
III.           Submission of Report and Recommendations:
 
The Committee shall finalize and submit its report to the undersigned on or before 31st August, 2017. The Committee may meet at its convenience and as often as necessary to carry out its deliberations. Travelling allowances and sitting fees will be payable to the Chairman and Members as per the rules of the Authority.
 
 
 
 
P.J.Joseph
Member (Non-life)
 

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