Life insurers compelled to reinsure 30% of the sums insured with GIC

Financial authorities (IRDA) have required life insurers to reinsure up to 30% of the sums insured with GIC. While local insurance companies are already getting reinsured with the state owned reinsurer, this is the first time they are asked to cover a fixed percentage of the sums insured.
So far, only foreign reinsurers, holding at least a BBB rating from S&P over the past five years, are authorized to operate in life insurance in India.