Archive · 23 Jul 2025
IRDAI Orders Foreign Reinsurers to Maintain Records in India
Imagine insurance companies that get their money from other insurance companies to pay for very big claims.
The government in India wants these big insurance companies, called foreign reinsurers, and Lloyd’s India to keep all their records, even the ones on computers, inside India.
This is because of a new rule that was made in 2025.
It means that the government can keep an eye on how these companies are doing things and make sure everything is fair and safe.
It's like making sure all the important papers and files stay in the same country where the business is.
IRDAI mandates foreign reinsurers to keep data within India.
The directive applies to Foreign Reinsurers' Branches (FRBs) and Lloyd’s India.
Includes syndicates and service companies.
This regulation is based on the IRDAI (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority), Regulations 2025.
The requirement covers all records, including those in electronic form.
- Who
- IRDAI and foreign reinsurers, FRBs and Lloyd's India.
- What
- IRDAI directed foreign reinsurers to maintain all records within India.
- When
- The circular was published on July 23, 2025.
- Where
- India
- Why
- To comply with the IRDAI (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority), Regulations 2025.
- Issued by
- IRDAI
- Applicable to
- FRBs and Lloyd’s India
- Regulation
- IRDAI (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority), Regulations 2025
- Includes
- Syndicates and Service companies
- Record Type
- All records including electronic forms
- Published
- July 23, 2025