The IRDAI on 25.11.2022 has issued the IRDAI(Re-insurance) (First Amendment) Regulations, 2022 Some of the salient features of the draft Regulations are as under:
- The Amended Regulations shall be applicable from 01st April 2023.
- The draft Reinsurance Programme has to be submitted in summary form as specified by the Authority.
- Submission timelines for Final Reinsurance programme to the Authority is increased from 30 days to 45 days from the commencement of Financial Year.
- Certification from the CEO of Insurer regarding receipt of all signed Reinsurance programme within 90 days from the start of the Financial Year.
- Cession limits of the cedants are proposed to be increased.