Page 225 - Reinsurance Management IC85

Reinsurance Management

covers. Such retrocession shall be at original
terms plus an over-riding commission to the
Indian Reinsurer not exceeding 2.5%. The
retrocession to each ceding insurer shall be in
proportion to its cessions to the Indian Reinsurer.
GIC Re is a composite reinsurer and handles life
reinsurance though the life insurer is not required
to cede statutorily any percentage of his direct
business to the national reinsurer.

GIC Re is protected for its own retention through
Risk and Catastrophe Excess of Loss reinsurance
programmes. Further, GIC Re has a long term
umbrella excess cover via ART (Alternative Risk
Transfer). GIC Re provides to lead the Indian market
into developing India into a major hub of insurance
and reinsurance in Asia and a global reinsurer to the
world market.

b) Basis" in ReinsuranceAccounting.

"Accounting Year" Basis

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