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.