Kerala HC Imposes Rs. 1 Lakh Cost for Filing Two Appeals Leading to Conflicting Verdicts  ||  Gujarat HC: Giving Probe Papers to Complainant Before Chargesheet is filed Is 'Prima Facie Dangerous'  ||  SC Quashes Army’s Gender-Biased JAG Policy as ‘Against Equality’  ||  SC to Jharkhand HC Judges: Take Leave to Clear Pending Judgments  ||  SC Stays NGT’s Rs. 50 Cr Fine on DJB & MCD Over Yamuna Pollution  ||  SC: Bar Councils Can't Collect "Optional Fees" During Enrolment  ||  Calcutta HC: In Framing Arbitration Agreement Words Used Must be Certain, Definite  ||  J&K HC: Can’t Evaluate Performance of Employee When on Sanctioned Leave During Covid  ||  Kerala HC: Public Paying Toll Fees Casts Responsibility on NHAI to Ensure Smooth Traffic  ||  Calc. HC: Writ Court Rejecting Claims Over Disputed Issues Doesn’t Bar Arbitration if Clause Exists    

Modification of Surety Insurance Guidelines- (Insurance Regulatory and Development Authority) (12 Jan 2023)

MANU/IRDA/0004/2023

Insurance

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.

2. The following provision is incorporated to Clause no. 6.1(b).

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.

3. Clause no. 6.4 (a) is substituted with the following clause

a. Surety Insurance Contracts may be offered in respect of commercial surety and contract surety requirements.

4. All other provisions of the within referred Surety Insurance Guidelines, 2022 shall remain unaltered.

5. This circular shall come into force with immediate effect

Tags : MODIFICATION   SURETY INSURANCE   GUIDELINES  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved