functions of general insurance corporation of india (gic)
As a result of these reforms, GIC became the sole Re-Insurer in India, and is now called GIC Re. Indian insurance companies are required by law to cede 5% of every policy value to GIC Re w.e.f. 1 April 2013, subject to some limitations and exceptions. GIC Re has diversified its operations and is now emerging as an important Re-Insurer in SAARC countries, Southeast Asia, Middle East and Africa, Europe and America. As an Indian Reinsurer with global footprint GIC Re has expanded its international operations through branches in London, Moscow, Dubai and Kuala Lumpur and is further planning to establish offices in key regions.