Section 38 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
38. Reinsurance / Composite brokers sharing of Brokerage with a foreign broker for the placement of risks.
(1)In case any insurer/ reinsurer registered in India, utilizes the services of any reinsurance broker for the placement of reinsurance of Indian risks abroad, such placement shall be through a reinsurance or composite broker registered by the Authority only.(2)For the purposes of sub-regulation (1) above, a registered reinsurance or composite broker may utilize the services of a foreign broker for placement of reinsurance with insurers or reinsurers outside India.(3)For the purposes of sub-regulation (2) above, the reinsurance/composite brokers registered with the Authority shall not share more than 50% of the remuneration with the foreign insurance broker for the services obtained from them.
