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<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> </head> <body> <div style="font-family:Verdana, Geneva, sans-serif; font-size:12px; text-align:justify"> <table width="800" border="0" style="border:1px solid #ccc;padding:5px;" align="center" cellpadding="6" cellspacing="0"> <tr> <td align="left" valign="top"> <br /> Insurance Regulatory and Development Authority <br /><br /> Solvency Margin for Crop Insurance business<br /><br /> MANU/IRDA/0048/2020 - (26 Aug 2020)<br /><br /> </td> </tr> <tr> <td align="left" valign="top"></td> </tr> <tr> <td align="left" valign="top" style="background-color:#FDEDCE"><strong>1. This circular is issued in accordance with the power vested under section 14(2)(e) of the IRDA Act, 1999 read with section 34(1) of the Insurance Act, 1938. <br><br> 2. Reference is drawn to the Circular No. IRDA/ACT/CIR/SLM/066/03/2017 dated 28th March, 2017. <br><br> 3. The provision of Para-6.1.1 is revised as under: <br><br> 3.1 Premium receivables related to State/Central Government sponsored schemes for the Q1 and Q2 of the FY 2020-21 to the extent they are not realized within a period of one year should be placed with value zero. <br><br> 3.2 Premium receivables related to State/Central Government sponsored schemes for the Q3 and Q4 of the FY 2020-21 to the extent they are not realized within a period of 270 days should be placed with value zero. <br><br> 4. The provisions of Para-6.2, Para-6.3 and Para-6.3.1 shall remain effective for one more financial year, that is, for the period from 1st April, 2020 up to 31st March, 2021 and the situation will be reviewed accordingly. <br><br> 5. This Circular comes into force with effect from 1st April, 2020. <br><br> 6. This is issued with approval of the Competent Authority.</strong></td> </tr> <tr> <td align="left" valign="top" ><strong></strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Tags : Solvency Margin, Crop Insurance, Business</strong></td> </tr> <tr> <td align="left" valign="top"> </td> </tr> <tr> <!--<td><strong>Source : <a target="_new" href="http://www.manupatrafast.com/">newsroom.manupatra.com</a></strong></td>--> <td align="left" valign="top"><strong>Source : newsroom.manupatra.com</strong></td> </tr> <tr> <td align="left" valign="top"> </td> </tr> <tr> <td align="left" valign="top">Regards</td> </tr> <tr> <td align="left" valign="top">Team Manupatra</td> </tr> <tr> <td align="left" valign="top"> </td> </tr> </table> </div> </body> </html>