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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
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