With the Dubai authorities not renewing its licence for not complying with the solvency requirements, Indian reinsurer General Insurance Corporation of India (GIC Re) has decided to shift its operations to GIFT City in Gujarat.
The GIC Re is a Government of India company, the national reinsurer and listed on Indian stock exchanges.
In a regulatory filing GIC Re said during the quarter ended June, it has decided to place its Dubai branch into run off because of non-renewal of licence by Dubai authority, non-compliance in solvency requirement and others.
“Decision to place the Dubai Branch into run off, has been informed to IRDAI vide letter dated 6th July 2021. Board of GIC Re also accorded its approval and to carry out suitable statutory requirements if any on 7th July 2021 by circular resolution,” the company said.
“GIC Re India will continue the activity/operations relating to Dubai branch from GIFT City, India,” GIC Re added.