The Insurance Regulatory and Development Authority of India (IRDAI) on December 19, 2022, issued a notification regarding Reinsurance Treaty Agreements covering Fire and Engineering Lines of Business – prohibition of provisions that make for broad market price tariffs.
The following has been stated namely: -
• All Non-life insurers and reinsurers are advised to ensure that IIB-published broad-occupancy market average burning costs rates for Fire and Engineering risks are not embedded as minimum rates within Reinsurance Treaty Agreements applying to the Indian Market for the risks commencing on and after April 01, 2023.
[Notification No. IRDAI/REIN/CIR/MISC/247/12/2022]
