Insurers Must Submit a Board-approved Reinsurance Plan Within 45 Days from Commencement of FY | IRDAI
- Blog|News|FEMA & Banking|
- < 1 minute
- By Taxmann
- |
- Last Updated on 28 August, 2023
Latest from Taxmann
Notification F. No. IRDAI/Reg/5/193/2023, Dated: 22.08.2023
IRDAI has notified the IRDAI (Re-insurance) (Amendment) Regulations, 2023. The objective of these regulations is to harmonize the provisions of various regulations applicable to Indian insurers and reinsurers and encourage more reinsurers to set up business in India.
As per the amended norms, every insurer is now required to file its Board-approved final re-insurance programme within 45 days to the Authority. Earlier, the time limit was 30 days. These regulations shall come into force from 22.08.2023.
Further, a new regulation 13 i.e. Transition Provision has been inserted. As per the respective regulation, all reinsurance placements under any arrangements/treaties for the financial year 2023-24 entered into by insurers prior to the date of notification of the Insurance Regulatory and Development Authority of India (Re-insurance) (Amendment) Regulations, 2023 shall continue for the remaining period of the year as per the terms therein.
Further, insurers must ensure that any new treaties/arrangements entered into on or after the date of notification of the Insurance Regulatory and Development Authority of India (Re-insurance) (Amendment) Regulations, 2023 shall be compliant with the provisions of these regulations.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
