Insurers Must Submit a Board-approved Reinsurance Plan Within 45 Days from Commencement of FY | IRDAI
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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.
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