“We would be very happy if some of the basic problems in the existing reinsurance regulations are addressed by the IRDAI soon as they are highly uneven and favour only GIC Re in terms of right to  refusal. What is the point of opening the market and not allowing us a fair play ? We are investing six to  seven time more  capital than that regulations require us to do. A lot of reinsurance business is also going out of the country to the offshore reinsurers that can be retained in the country.’’ said an official of a global reinsurance company that has operations in India.