The Insurance Regulatory and Development Authority of India (IRDAI) has granted approval to 23 cross border reinsurers for the year 2016-17 including Iran Insurance Company, IRDAI announced in a press release on its website. Cross-border reinsurers are classed as those who do not have a physical presence in India but carry on reinsurance business with Indian insurance companies. Iran Insurance Company, established in 1910, is the only state-owned insurance firm in the country.
