Timeline for insurers to submit reinsurance plans relaxed
| Date :01-Apr-2020 |
IN THE wake of coronavirus outbreak, insurance sector regulator IRDAI has allowed insurers to submit their reinsurance plans for 2020-21 with a lag as the pandemic has disrupted operations across sectors.
Issuing guideline on relaxation of timelines for certain provisions of the IRDAI (Re-insurance) Regulations, 2018, the sectoral watchdog said in view of COVID-19 pandemic, the Government of India has initiated various measures including enforcement of lock-down in various areas. In the interest of operation of affairs of insurance companies pertaining to their submission of their final reinsurance programme for financial year 2020-21, the regulator has permitted relaxations.