- The Authority is in receipt of requests from the stakeholders to review the Regulations. Therefore, the current regulations on IRDAI (Reinsurance) 2018, have accordingly been reviewed.
- The exposure draft of the IRDAI (Reinsurance) (First Amendment) Regulations, 2022 was placed on the website of the Authority seeking comments of all stakeholders on 21.10.2022.
- Detailed deliberations /consultations were also held with the stakeholders in various forums.
- Based on the comments / suggestions received from various stakeholder and detailed deliberations/ consultations the draft Regulations have been modified suitably.
- In order to re-engage the stakeholders and consolidate their comments on the revised proposed Regulations, the revised exposure draft of IRDAI (Reinsurance) (First Amendment) Regulations, 2022, is attached as (Annexure – A), for seeking further comments/suggestions of the stakeholders.
- Some of the salient features of the draft Regulations are as under: –
- The Amended Regulations shall be applicable from 01st April 2023.
- The draft Reinsurance Programme has to be submitted in summary form as specified by the Authority.
- Submission timelines for Final Reinsurance programme to the Authority is increased from 30 days to 45 days from the commencement of Financial Year.
- Certification from the CEO of Insurer regarding receipt of all signed Reinsurance programme within 90 days from the start of the Financial Year.
- Cession limits of the cedants are proposed to be increased.
7. All the stakeholders are requested to forward their comments / suggestions, if any, on the proposed regulations in the attached format (Annexure- B) on or before 5:00 PM on 16th December, 2022 to Reinsurance@irdai.gov.in with a copy to rohit.rajdev@irdai.gov.in.
