Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018

Dec 12, 2018 | by Avantis RegTech Legal Research Team


The Insurance Regulatory and Development Authority of India (IRDAI) on November 30, 2018 has published the Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018.

The Regulations shall be applicable to:

·         Insurers as defined under Section 2(9) of the Insurance Act, 1938            

·         International Financial Services Centre (IFSC) Insurance Office (IIO) and Exempted Insurers as defined under Section 118(c) of the Insurance Act, 1938. 

               

The Objectives of the Re-insurance Programme of every Indian Insurer are to:

A.      Maximize retention within the country, subject to proper and adequate diversification of risks;

B.      Develop adequate technical capability and financial capacity;

C.      Secure the best possible Re-insurance coverage required to protect the interest of the policyholders and (retro)cedants at a reasonable cost;

D.      Simplify the administration of business.

These regulations shall come into effect from January 01, 2019.

[Notification F. No. IRDAI/Reg/4/151/2018]

URL: https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_NoYearLayout.aspx?page=PageNo3685


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.