NEW DELHI, April 3 (Reuters) - India plans to set up a fund of up to 20 billion rupees ($368.4 million) to back local insurers in offering cover to refiners who process Iranian crude, three government sources said, as sanctions discourage global reinsurers from taking on the risk.
The money will come from the premiums normally paid by insurers for reinsurance cover, said the sources, who requested anonymity.
They said the fund will be run by state-run reinsurer General Insurance Corporation of India and will get an annual contribution of up to 20 billion rupees from Indian insurers and the oil ministry.
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