GIC Re gets license from Bank of Russia for reinsurance business
- India’s reinsurance company, General Insurance Corporation of India (GIC Re) has received the license from Bank of Russia to commence reinsurance business in Russia.
- GIC Re has obtained license from the Central Bank of the Russian Federation (Bank of Russia) for its subsidiary company “GIC Perestrakhovanie LLC”, Moscow for the commencement of reinsurance business.
- The license enables the subsidiary to commence transacting domestic and international reinsurance business in Russia based on the capital invested by the Corporation.
Source: Business Standard