State-owned General Insurance Corporation (GIC Re), seventh largest non-life reinsurer globally, has decided to put its Dubai branch into run off mode as the Dubai authority has not renewed the licence issued to the company. “During the quarter ended June 21, GIC Re decided to place its Dubai branch into run off because of non-renewal of license by Dubai authority, non-compliance in solvency requirement etc,” GIC Re said in a stock exchange filing. The decision to place the Dubai Branch into run off, has been informed to insurance regulator IRDAI vide letter dated July 6, 2021, it said. “GIC Re has decided to continue the activity/ operations relating to Dubai branch from GIFT City, India,” it said. “Effective July 3, 2021, the Dubai branch of GIC Re will no longer underwrite business under its operations.

Source: Indian Express August 14, 2021 19:40 UTC