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The Insurance Regulatory and Development Authority of India (IRDAI) has relaxed reinsurance norms for the insurers.
As per the current regulations, the insurers will have to file their board approved final re-insurance program for the year 2020-21 by April 30, 2020 along with a synopsis of catastrophe modelling report.
``In view of Covid19 pandemic, it may be difficult for some insurers to adhere to above stipulated timelines. Thus, the insurers may comply with the above regulatory provisions on or before May 31, 2020,’’ IRDAI said.
The relaxation in terms of extension of time will only be applicable for the financial year 2020-21 only and all other provisions of existing reinsurance regulations will remain intact, it addd.
The relaxation of norms has been given in view of the national lockdown due to coronavirus and other related concerns.
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