The Insurance Regulatory and Development Authority of India (IRDAI) on October 20, 2022, notified the Draft Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016.
It is proposed to amend the said Regulations to facilitate the insurer’s inefficient utilization of capital and increase insurance penetration in the area of the Crop Insurance Business.
The following are the amendments being contemplated-
•Premiums receivable relating to State and Central Government sponsored schemes, to the extent they are not realized within a period of 365 days shall be placed with value zero in respect of Crop Insurance Business.
•Factor – A and Factor-B for calculating the Required Solvency Margin (RSM) with respect to the Crop Insurance Business are reduced to 0.50.
The views and comments of the various stakeholders and the general public are invited to the exposure draft. The comments and suggestions, if any, may be sent on or before November 11, 2022, to [email protected] with a copy to [email protected].
