India’s First Private Reinsurance Firm: Valueattics Reinsurance Ltd.

1. Valueattics Reinsurance Ltd. has become the first private company to receive approval from the Insurance Regulatory and Development Authority of India (IRDAI) to commence reinsurance business in India.
2. Currently, the General Insurance Corporation (GIC Re) — a public sector entity — is the only reinsurance company operating in the country.
    

What is Reinsurance?
 

1. Reinsurance is a risk management practice wherein insurance companies transfer a portion of their risk to another insurance company (reinsurer) to protect themselves from large financial losses.
2. Regulator: Insurance Regulatory and Development Authority of India (IRDAI).
3. Governing Laws:
   1. Insurance Act, 1938
   2. IRDAI (Re-Insurance) Regulations, 2018