Insurance Regulatory Development Authority (Irda) Friday said it would take steps to introduce an electronic re-insurance platform for insurers and both Indian and foreign re-insurers.

"The proposed electronic re-insurance platform will have to be mandatorily used by insurers and Indian reinsurers as well as foreign reinsurers operating in India," Irda Chairman J Harinarayan said.

He said Irda has taken up an ambitious programme of designing an exchange or an inter-faceted, interlinked, electronic platform, on which reinsurance broking transactions will be executed.

"The entire operation on the reinsurance side will be done through this particular platform once it is in place," Harinarayan said on the sidelines of the Eighth Insurance Brokers' Summit here.

Harinarayan said that it would be an ambitious task.

"There are entities working on it for some time. GIC has taken good steps in this regard but the kind of platform we are thinking would be a national and a much larger platform for placing all re-insurance contracts," he said.