Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
On 3rd January 2023, the IRDAI notified the Guidelines on Issuance of File Reference Numbers (FRN) to Cross Border Reinsurers. The Guidelines majorly focus on the background for the issue of such guidelines, allotment of (FRN) to CBRs, which includes the application process for the issue of new numbers as well as the auto-renewal of the existing ones along with the prescribed qualifications and the general provisions in respect of same All these aspects are discussed in detail in the present article.
The process of allotment of FRN to CBRs is discussed below-
Such numbers can be generated on their own by the Insurer for the CBRs qualifying for Auto-renewal. The CBRs, not qualifying for such auto-renewal, would be required to obtain the number on an annual basis. The detailed procedure is as under:
The insurer must ensure the following for qualifying for the auto-renewal process-
The above-mentioned Guidelines shall be enforced from the date of the issue.
The guidelines clearly describe the process of issuance of FRN to Cross Border Reinsurers, which can simplify the process for both the insurer and the CBR, and the prescribed qualification can ease such issuance and facilitate the same at the earliest and in a seamless manner.
Read Our Article: Procedure for Registration of Indian Insurance Companies under IRDAI Regulations
Non-Banking Financial Companies (NBFCs) in India are now a major driving force of the country's...
The Reserve Bank of India (RBI) has taken a historic step in India's financial sector. The bank...
The financial sector is changing in the current digital era. Banking is no longer limited to ju...
The Indian financial market is diversifying and fast-changing. Making the right decision for in...
If you are an Indian seeking to live in the beautiful country of Sweden, 2025 is the right time...
Are you human?: 9 + 8 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The Insurance Regulatory and Development Authority of India (IRDAI) while exercising the powers instituted in it un...
07 Mar, 2022
The concept of health insurance requires specific points to check before buying Health Insurance. Health is the pri...
12 Feb, 2021