The Insurance Regulatory and Development Authority of India(IRDAI) vide its notification dated 21st May 2020 has issued draft revised guidelines on Trade Credit Insurance which were published on 10th March 2016.
Trade Credit Insurance was introduced to facilitate and promote trade by addressing issues concerning losses arising from payment related defaults.
The IRDAI considering the various requests and the needs of the market in view of the changing paradigms of trade, has constituted a working group to review the existing guidelines on Trade Credit Insurance. The Working Group has proposed several changes in the existing guidelines in order to improve the credit insurance market and at the same time meet the requirements of various stakeholders involved in trade-related transactions.
The working group has suggested changes in certain key definitions in the guidelines to add better clarity and understanding and has further proposed changes in the existing guidelines and other recommendations of the working group.
Therefore stakeholders are called upon to offer their valuable comments to on or before 3rd June 2020 to the following e-mail ids.
Click here to read the Notification.