Yes IRDA has published regulations on registration and operations of branch offices of foreign reinsures and main purpose behinf it Pursuant to the Insurance Laws (Amendment) Act, 2015 ("Amendment Act") the definition of “insurer” was amended to include a foreign company engaged in re-insurance business through a branch established in India.

Here I am providing pdf which having complete info about the same here is some of content from pdf :

Brief overview of the Regulations

Significantly, the Regulations have laid down an order of preference to be followed by Indian insurers for placing their faculty and treaty surpluses. In this regard, the Regulations require Indian insurers to:

(a) first offer the Indian Reinsurer (i.e., GIC Re), Category I branches or to other Indian insurers the opportunity to participate in their faculty and treaty surpluses;

(b) approach Category II branches after having offered to at least three entities in (a) above;

(c) approach the offices of insurers set-up in Special Economic Zones, only after having offered to at least three entities in each of (a) and (b) above.

(d) offer the balance to overseas nonadmitted reinsurers, only after having offered to at least three entities in each of (a), (b) and (c) above.

IRDA regulations on registration and operations of branch offices of foreign reinsures