General Insurance Corporation gets license from Bank of Russia for reinsurance business

The Central Bank of the Russian Federation has given license to the General Insurance Corporation (GIC RE) of India to commence reinsurance business. GIC RE is a state-owned insurance company, and the sole provider of re-insurance in India.

The subsidiary company of the General Insurance Corporation of India, GIC Perestrakhovanie of Moscow has received the license. With this, the reinsurer can start domestic and international reinsurance business in Russia.