Chennai, July 12 (TIWN) The General Insurance Corporation of India's (GIC Re) assured premium income under firing line all these years is now under threat.

Following the meeting of the CEOs of general insurance companies with Debasish Panda, Chairman, Insurance Regulatory and Development Authority of India (IRDA), the latter has set up a task force to look into various aspects of reinsurance.  However, the main issue of the nine-member task force chaired by Bhargav Dasgupta, Managing Director and Chief Executive Officer, ICICI Lombard General Insurance Company Ltd will be the obligatory cession to GIC Re - commissions on reinsurance business do not reflect industry cost structure and profit commission methodology.  The IRDAI Chairman Panda had met the CEOs of life, general and reinsurance companies at Hyderabad on June 30 and July 1.  Discussions were held on the issues/concerns related to reinsurance support to further increase in insurance penetration in India.