RGA gets nod to set up branch

Reinsurance Group of America (RGA) has said the Insurance Regulatory and Development Authority of India has approved its ‘R3’ application and granted Certificate of Registration to set up a branch in India.

Since 2001, RGA has been operating in India as a foreign reinsurer through its Irish entity.

The branch that is being set up in Mumbai will be a branch of the Canadian entity of RGA, RGA Life Reinsurance Company of Canada.

The company, in a statement, said it is working actively with its clients in developing products in the “online protection” and “critical illness” space, providing tailor-made reinsurance solutions.

RGA has 23 life insurance companies, including LIC, as its clients in India, and five life insurance companies as clients in Sri Lanka.