Page 191 - Fire Insurance Ebook IC 57
P. 191
The Insurance Times
vii) Surplus over gross capacity of the market is
reinsured with GIC facultatively and protected by
excess of loss cover. The net retained Facultative
account is equally shared between GIC and the
four subsidiary companies.
Q 10. What are the requirements of IRDA for
consideration and review of products under
File and Use guidelines.
Ans. There are several requirements of IRDA for
consideration and review of products under File and Use
guidelines:
One of the preconditions for the acceptance of products
filed with the Authority is that the insurer has to first file
the Underwriting Policy, approved by its Board and
satisfied by IRDA.
IRDA requirements for considerations are as
follows:
i) Design and rating of product must always be based
on sound and prudent underwriting. The
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