The reinsurance norms are likely to be revised soon. The Insurance Regulatory and Development Authority of India (IRDAI) has appointed a committee to review the existing regulatory framework.

The 17-member committee, chaired by M Ramaprasad, a former member of IRDAI, will submit its report by August 2017.

It will study international regulatory frameworks and practices relating to reinsurance pools, Alternative Risk Transfer (ART) and such other mechanisms and make appropriate recommendations.

“In addition, it will look into the existing guidelines for SEZs and make necessary recommendations in the context of various reinsurance activities,” PJ Joseph, Member-Non-Life, IRDAI, said in a notification

The Authority, in the recent past, has notified various regulations, guidelines and circulars pertaining to reinsurance business.

The enactment of the Insurance Laws (Amendment) Act, 2015 has brought about changes in the reinsurance market by facilitating the entry of foreign reinsurance branches. Lloyd’s, for instance, has set up an India branch.