IRDAI Forms Panel to Mull Surety Bonds
On 3rd July, 2020, Insurance Regulatory and Development Authority(IRDAI) formed a panel under G Srinivasan(Director, National Insurance Academy)to assess the suitability of the Indian insurance industry or any other sector to offer Surety Bonds for road contracts in the country.
Need
- Due to the pandemic and consequent economic impact on liquidity and cash flow issues in the banking sector, the Road Transport Ministry had requested IRDA to examine the possibility of offering Surety Bond by the general insurance companies.
- The current insurance legal/ regulatory framework does not permit underwriting of bonds that guarantee performance and bid securities as they are financial ....
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