Page 58 - Insurance Times December 2022

Circular

IRDAI Corner

IRDAI (Re-insurance) (First Amendment) c. Submission timelines for Final Reinsurance
programme to the Authority is increased from 30
Regulations, 2022
days to 45 days from the commencement of Finan-
25th November, 2022 cial Year.
d. Certification from the CEO of Insurer regarding
1. The Authority is in receipt of requests from the stake-
receipt of all signed Reinsurance programme within
holders to review the Regulations. Therefore, the cur-
90 days from the start of the Financial Year.
rent regulations on IRDAI (Reinsurance) 2018, have
e. Cession limits of the cedants are proposed to be in-
accordingly been reviewed.
creased.
2. The exposure draft of the IRDAI (Reinsurance) (First
7. All the stakeholders are requested to forward their
Amendment) Regulations, 2022 was placed on the
comments / suggestions, if any, on the proposed regu-
website of the Authority seeking comments of all stake-
lations in the attached format (Annexure- B) on or be-
holders on 21.10.2022.
fore 5:00 PM on 16th December, 2022 to
3. Detailed deliberations /consultations were also held
Reinsurance@irdai.gov.in with a copy to
with the stakeholders in various forums.
rohit.rajdev@irdai.gov.in.
4. Based on the comments / suggestions received from
various stakeholder and detailed deliberations/ consul-
IRDAI (EOM of Insurers Transacting Hlt &
tations the draft Regulations have been modified suit-
Gen Ins Business) REGULATIONS, 2022
ably.
Date:23-11-2022
5. In order to re-engage the stakeholders and consolidate
their comments on the revised proposed Regulations,
1. The Authority is in receipt of requests to review the Regu-
the revised exposure draft of IRDAI (Reinsurance) (First
lations from the stakeholders. Therefore, the current
Amendment) Regulations, 2022, is attached as (Annex-
regulations have accordingly been reviewed.
ure – A), for seeking further comments/suggestions of
the stakeholders. 2. The exposure draft of the EoM Regulations 2022 was
placed on the website of the Authority for the comments
6. Some of the salient features of the draft Regulations
of all stakeholders on 01.08.2022.
are as under: -
3. Detailed deliberations /consultations were also held with
a. The Amended Regulations shall be applicable from
the stakeholders in various forums.
01st April 2023.
4. The comments/ suggestions received from the stakehold-
b. The draft Reinsurance Programme has to be sub-
ers have been examined and incorporated suitably in the
mitted in summary form as specified by the Author-
proposed regulations.
ity.
50 December 2022 The Insurance Times