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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 /> Modification of Surety Insurance Guidelines<br /><br /> MANU/IRDA/0004/2023 - (12 Jan 2023)<br /><br /> </td> </tr> <tr> <td align="left" valign="top"></td> </tr> <tr> <td align="left" valign="top" style="background-color:#FDEDCE"><strong>1. In partial modification of IRDAI (Surety Insurance Contracts) Guidelines, 2022 issued vide Ref No. IRDAI/NL/GDL/SIC/01/01/2022 dated 3rd January, 2022 the following modifications are made. <br><br> 2. The following provision is incorporated to Clause no. 6.1(b). <br><br> a. Provided the above cap is not applicable to mono-line surety insurance companies registered for doing surety insurance business on a standalone basis. The surety insurance business of mono-line surety insurance companies shall be subject to such prudential norms as may be specified from time to time. <br><br> 3. Clause no. 6.4 (a) is substituted with the following clause<br><br> a. Surety Insurance Contracts may be offered in respect of commercial surety and contract surety requirements. <br><br> 4. All other provisions of the within referred Surety Insurance Guidelines, 2022 shall remain unaltered. <br><br> 5. This circular shall come into force with immediate effect</strong></td> </tr> <tr> <td align="left" valign="top" ><strong></strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Tags : Modification, Surety Insurance, Guidelines</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>