The Insurance Regulatory and Development Authority of India vide circular dated 25.09.2020 has Implemented the RFQ platform for Investments in Corporate Bonds / Commercial Papers.
The Life and General Insurance Councils directs all Insurers as follows:
a. On monthly basis, the Insurers shall undertake at least 10% of their total Secondary Market trades in the Corporate Bonds in Value place / seek Quotes through one-to-many mode on RFQ platform available on BSE/NSE. The 10% limit shall be reckoned on the average of Secondary Market Trades by Value, in the immediately preceding 3 months on rolling basis.
b. Concurrent Auditor of the Insurer in his Quarterly Audit Report shall confirm that the Insurer has complied with the directions of this Circular.
The above procedure will be followed by all insurers with effect from 1″ November ,2020.
