- In the wake of coronavirus outbreak, Irdai
has allowed insurers to submit their reinsurance plans for 2020-21 with a lag
as the pandemic has disrupted operations across sectors
- Irdai said the relaxation is
for financial year 2020-21 only
NEW DELHI :
In the wake of coronavirus outbreak, insurance sector regulator Irdai has
allowed insurers to submit their reinsurance plans for 2020-21 with a lag as
the pandemic has disrupted operations across sectors.
Issuing guideline on
relaxation of timelines for certain provisions of the IRDAI (Re-insurance)
Regulations, 2018, the sectoral watchdog said in view of Covid-19 pandemic, the
Government of India has initiated various measures including enforcement of
lock-down in various areas.
Similar steps are also
initiated by governments of various countries which could result in disruption
in the operations of reinsurers, Irdai said.
In the interest of operation
of affairs of insurance companies pertaining to their submission of their final
reinsurance programme for financial year 2020-21, the regulator has permitted
relaxations.
"As per extant regulatory provisions, insurers has to file its board
approved Final Re-insurance Programme by 30th April 2020 along with a synopsis
of catastrophe modelling report.
"In view of COVID-19
pandemic, it may be difficult for some insurers to adhere with above stipulated
time lines. Thus, the insurers may comply with the above regulatory provisions
on or before 31st May, 2020," Irdai said.
The regulator said the
relaxation is for financial year 2020-21 only.
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