Guidelines on Cross Border Re-insurers

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA INSTRUCTIONS FOR FILING APPLICATIONS FOR CROSS BRODER RE- INSURANCE (CBR) FOR ACCESSING CBR PORTAL 1. The portal can be best viewed at 1420 x 768 resolution in latest versions of Google Chrome and Firefox Browsers ONLY. 2. The portal can be accessed at https://cbr.irdai.gov.in/login.aspx. 3. Insurer may use the same User ID/ Password for accessing the portal, which are currently being used by the insurers. 4. Necessary guidance notes for filing the CBR application have been provided below. Insurers are advised to read the instructions stated in the guidance thoroughly, before filing the applications. 5. The portal will be available for access from 23-Jan-2021:09:00 Hrs onwards In case any technical issues related to accessing of portal, a mail may be sent to ankit@irdai.gov.in under CC to reinsurance@irdai.gov.in• i . i INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Guidance Note ____________________________________________________ Application filing procedure for allotment of Filing Reference Number (FRN) to Cross Border Re-insurers (CBR) Ver 01 January 2021 The Authority vide Ref. No. IRDA/RI/GDL/MISC/015/01/2021 dated 22-Jan-2021 had notified Guidelines on Cross Border Re-insurer. The insurer who wish to place re- insurance business with CBR shall file an online application with the Authority in the form as specified at Annexure – 1 of the guidelines. To bring consistency in the “data” filed through electronic submission, “Guidance Note on filing the application for allotment of FRN to CBR. While due care had been taken to prepare this Guidance Note, Chief Compliance Officer of the insurer may point out the suitable modifications in this documents which may to be addressed in the subsequent versions.Screen No. 1 (a) Objective: On this page it is expected that the complete details of applicant Cross Border Re-insurer (CBR) are to be entered by the insurer who wish to place business with the CBR. 0 · CBRAppli<:;,tron X + " X ~ -, C A Notsecure 10.10.10.71:4441/Users/CreateApphcat1on.aspx Application ID New Applicahon Application for allotment of FRN for Application for allotment ol FRN for 1--Select- FY Eligible CBR or Non-EJigible CBR Name of the CBR (as per CertifIcale of Registration Number Registration) Dale ol lncorporalion ~ldd-_--_-'l_'fYY _______□~ I Registration valid upto □I Address of Registered oHioe of the CBR Place of Incorporation Name of the Supervisory Authority with whom the Reinsurance Con,pany is registered Address of supervisory Authoftty (as mentioned above) 1. All fields in this application form are mandatory; 2. Registration Valid Upto: Certain Home Country Regulators / Supervisors will issue registration to the (Re)insurer for limited period say for one year. While in certain cases such registration may be for indefinite period, in such case insurer may enter this date as 01-Jan-2100; 3. Complete name of Supervisory Authority for the concerned CBR its complete address shall be entered. The name in abbreviated form is not acceptable;Screen No. 1 (b) Objective: Same as for Screen No. 1 (a). New Tab >< 0 -CBR Appl1<at1on X + " X ~ - C A Notsecure 10,10.10.71:4441/Users/CreateApphcation.aspx CBR Place of Incorporation Name of the SuperviSOfY Authority with Whom the Reinsurance Company is registered Address ot Supervisory AuthOftty (as mentioned above) As per registration oerUUcate granted Home Country Regulator or !··Select- by Home Country Regulator or Supervisory Authority has authof'ised Supervisory Authority the CBA Is to transact R&insurance business Authorised to transact from foreign junsdicUon. Place of omoe of lhe CBA applying for l··S€1ecl- Name of the Country in which the !··Select- alk>tment of FAN above CBR is domiciled Please select a value COuntry of tax residency tor the l··Seleci- Name of ultimale parent Company ot applicant CBR Please select a value C peB rR c e(o rto ifm icp ai te et e o n f ra em ge is l to ra b tie o g ni }v en as Names of Group Companies of CBR (com~te names to be given as per certihcate of registratk>n) Sa,e ~ @2021 -Copynght IRDAI 4. Place of Office of the CBR: Place of the specific branch office of CBR applying for allotment of FRN should be entered; 5. Name of Country of Domicile: Country where the CBR’s branch office is domiciled would be required and the same can be enter from the drop-down list. 6. Country of tax residency: This pertains to the country where the branch office of CBR is reporting for tax purpose; 7. Complete name of ultimate parent company is to be entered, name in abbreviated form is not acceptable;Screen No. 2 Objective: To get valid contact details of the officials who are responsible to handle work portfolio as discussed in the heading. 0 · C:BRAppli<atron X + X ~ - C A Not secure 10.10.10.71:4441/Users/PersonDetails.aspx Application ID 2021/000023 B Details of lhe person responsb1le for providing requisite mformat1on of CBR Name Designation Busmess Phone Number Email ID Address C.Oeta1ls of the department person responsb1le for prov1d1ng confirmation on receipt of premium by CBR Name Designation Busmess Phone Number Email ID Address 1. (B) Details of the person responsible for providing requisite information of CBR: Details of the person/ representative of CBR, who is providing all the information about CBR should be entered. 2. (C) Details of the department person responsible for providing confirmation on receipt of premium by CBR: Details of the person/ representative of CBR, who is providing all the information about CBR should be entered.Screen No. 3 (a) Objective: To examine financial strength of the CBR. 1. Amount of Paid-Up Capital & Free Reserves as per last audited Balance Sheet: Values in both fields should be entered in home country currency. Ensure not to enter currency name/abbreviation. Only values to be entered. 2. Solvency Ratio: Kindly enter the relevant data in percentage (%) term for last 3 years starting from the year preceding the current year.Screen No. 3 (b) Objective: To examine financial strength of the CBR. N_.Tab X 0 -CBR ApplKatron X + " X f- ➔ C A Notsecure 10.10.10.71:4441/Users/Financia!Position.aspx Solvency Ratio as per home country regulator for last 3 years . Yea, Regulatory PrescripUon Actual Sotvency Margin of the CBR 1-Seleci- 1-Seleci- 1-Select-- Incurred Claims Rat1o(ICR) and Combined Ratio for last 3 years Year Details OI ICR Details 01 Cont>ined Ratio 1-Seleci- 1--Select- 1-Seleci- @2021 -Copyright IRDAI 1. Incurred Claims Ratio (ICR) & Combined Ratio for last 3 years: Kindly enter the relevant data in percentage (%) term for last 3 years starting from the year preceding the current year.Screen No. 4 Objective: To examine previous applications filed by the CBR, if any. New Tab >< 0 -CSR Applteat100 X + C, X C A Not secure 10.10.10.71:4441/Users/Prev1ousFRNDeta1ls.aspx E\ * • e Application ID 2021/000023 Details of previous FRN as per IROAI portal and BAP Portal (if any) 1Y -e Sa er 1 ec1- v I C -B SR e1 F eR ct-N - No. vi B -A SP elF ecR t-N -No. ~l--=s.=,ec=,_=_= ===========v:I -Selec1·· vi -Select-- ~-l_se_1ec1_--___________~v I -select-- vi -select-- Sa,e @2021-CopyrighllROAIScreen No. 5 (a) Objective: To ascertain the business relationship of CBR with Indian market. 0 -CBRAppJi,atron X + " X f- ➔ C A Not secure 10.10.10.71:4441/Users/DetailsReinsuranceBusiness.aspx Application ID 2021/000023 'In case of: #Multiple selection in LOBs and list of Indian Re+nsurers, please select after pressing 'Ctr!' key Details of re-insurance business placed wilh the CBR Amount (INR m lakh} of re-insurance business placed Yea, Facultative Treaty Lines of Business Which the CBR l-5elect- ire (other than Oil & Energy) Hull 1-Selec1- I-Select- ire. 1(1.o1ethHeulrl t han OIi & Energ'/) e ea,go gi,--.nng ~Screen No. 5 (b) Objective: To ascertain the business relationship of CBR with Indian market. 0 -CBRAppJi,atron X + " X f- ➔ C A Not secure 10.10.10.71:4441/Users/DetailsReinsuranceBusiness.aspx 1-Seiec1- ~.(O-tHch aeu,rlg lt h oa n Oil & Energy) gineenng Names of Indian reinsurer lor Whom CBR is DFC U1e Insurance CO lid Lile Insurance CO. lid CICI Prudential Lrte Insurance CO. lid, otak Mahindra Life Insurance Co. Ltd Reinsurance premium receipt confirmation from the applicant CBR Yea, The applicant CBR has provided In case of 'No', please furnish reasons IOf' the same duly cert1lied authorized signatory of the premium oonfirmaUon reoeipts to all CBR Indian insure, ~-:'.:Seleci:::=·=======v~! I vI I Choose File )N o tile chosen •-5eiecl I L~ --= _SS ee tl _= ee cc _=· tI _·= •= _ == _== _=v vJ~ I I I 1· - · -S see 1l 0e 0c -t -- v v II I C Chh oo oo ss ee F Fi ille e ) )N N o o f fi il le e c ch ho os se en n @2021 -Copyright IRDAI 1. Re-insurance premium receipt confirmation from the applicant CBR (B) In case of ‘No’ please furnish reasons for the same duly certified authorized signatory of the CBR: Kindly upload the required document certified by the “CBR” in each case of “No” (Max File size: 1 MB.)Screen No. 6 Objective: To examine compliance with eligibility criterial of the CBR: 0 -CBRAppJi,atron X + " X f- ➔ C A Notsecure 10.10.10.71:4441/Users/CreditRating.aspx Application ID 2021/000023 Credit Rating from mtematJOnal credit rating agencies Name ol RallrJQ Agency CreditRatng [··select v~I L-l-_se_lec_l_·· _______ AM Best v~I L-I_Se_lec_t_-_______ AM Best Whether the CBR has over a penod ot the past three years counting from the year preceding tor which the business has to [·•select· be plaoed, enJOyed a crecht rating of at least BBB (with Standard & Poof) or equsvalenl rating of any other international rating agency? If no, the credit ratings lor past three years be submitted Whether the CBR complies with the solvency margin/capital adequacy proscribed by the respective home regulator Whether the oountry of domicile has signed a Double Taxation Avoidance Agreement with the GoVi!t'nment of India [··selecl·· @2021 -Copyright IRDAI 1. Credit rating from international credit rating agencies: Kindly enter the relevant data for last 3 years starting from the year preceding the current year. 2. Ensure accurate data entry in all fields.Screen No. 7 Objective: Details of Authorized signatory of the CBR. 0 -CBRAppJi,atron X + " X f- ➔ C A Notsecure 10.10.10.71:4441/Users/DeclarationCBR.aspx Appllcation ID 2021/000023 Oeclarat10n Cum Undertaking - I/ we solemnly declare that the in1om\alion supplied in this application form is true and correct Place Designation Dale 19-01-2021 Name Sa,e @2021 -C,opyright IRDAIScreen No. 8 (a) 0 · C:BRAppli<atron X + X Application ID 2021/000023 The tiling of this appltcalion is in compliance with Reg 5(2)(8) ol the IRDAI (Re-insurance} -Select-- Regulations,2018 ~----------------J In case of No, the insurer has to submit clarification on the matter Reinsurance premium receipt conflrmat10n from the apphcant CBR Yea, Comments on recipt oontinnation trom the applicanl CBR In case of 'No, p~se tumiSh rea.sons 10f the same duly certified ~·:'.:Select'.::=··= ======v~I ··Select- by [ t Ch he o H oe sea d F o ilef RI N ei on s filu er ca hn oc se e D ne partment of the Insurer ~·-Se_lec_l ·· _ __v~ I --seiect- [ Choose File I N o file chosen ~l-_s.,_ec_,_ ____vJ I •-Setecl-- [ Choose File I N o file chOsen The following are the documentary Requirements m case of Apphcat1on for Non-Ehg1ble CBR 1. Re-insurance premium receipt confirmation from the applicant CBR 2. (B) In case of ‘No’ please furnish reasons for the same duly certified the Head of Reinsurance Department of the Insurer: Kindly upload the required document certified by the “Head of Reinsurance Dept. Of applicant Insurer” in each case of “No” (Max file Size : 1 MB.)Screen No. 8 (b) Objective: Submissions to be made in case of file application for Non-Eligible CBR. New Tab >< 0 -CBR Appl1<at1on X + " X ~ - C A Notsecure 10,10.10.71:4441/Users/NonEligible.aspx Reinsurance premium receipt confirmation from the apphcant CBR Yea, Comments on recipt confirmation lrom the applicanl CBA In case of 'No, pk!ase furnish reasons for the same duly oertified v~I ~Y=••================:::: byI t Ch he o H oe sea d A o lef RI N ei on ls ilu er a chn oc se e D ne partment of the Insurer 1~20_1_7-_20_1_8 __ I 1~2=01=8-=20=19= =====v~ [ ~Yes= ==============:::: [ Choose File No file chOsen ~l20_,_.__2_020 ___v~ I -v._._ _______________~ [ Choose File I N o file chosen The following are the documentary Requirements m case of Apphcat1on for Non-Eligible CBR Specific recommnedation of the (re)insurer justifying as to why they would like to make Reinsurance plaoements wtth the refereed CBA even lhough it does not comply with prescribed eligibility criteria Copy 01 registration Certificate issued to CBR by home oountry regulatory/supervisory ( Choose File j No file chosen authority Signed copy of specific recommendation of the insurer, justifying as lo why they would llke to make Reinsuranoe placements with the referred CBR. Such recommendation shall necessarity be made by the Head of ReinSllrance Department of the Insurer Sa,e ~ @2021 -Copynght IRDAIScreen No. 9 0 · C:BRAppli<atron X + X ApplioaliOn ID 2021/000023 Oeclarat10n Cum Undertaking by CCO of lnd10n (Re) Insurer- a. I/ We solemnly confinn that,belore filing the documents with the Authority, we have oonducled the required due diltge008 and have scrutinized the documents pertaining to above CBR. b. We ensure strict compllanoo with the eligibility criteria for CBRs as prescribed by the Authority in the extant regulatk>oslguidelines (appllcable in case if, application ftled is tor CBR who comply With eligibihty crderia); c. I/ We undertake that, all informali on furnished is oorrect. in the event if it is proved that any information submitted is wrong or incorrect I/W e will be liable subject to the provisions ot the Acts, Regulations and Guidehnes notified by the Authority. Place Designalion Dale 19-01-2021 Name @ 2021 -Copynghl IADAI 1. The user will be able to view the details of data submitted in the applicable and take printout for records. 2. Once application is submitted, the same will be available for IRDAI user to process the same.