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The authority extends the solvency margin provisions for the crop insurance business for one more financial year. All non-life insurance companies and registered Indian reinsurers apply the provisions of Para 6.1, Para 6.2, Para 6.3, and Para 6.3.1 for the specified period. The provisions apply from the 1st day of April 2019 up to the 31st day of March 2020. The authority reviews the situation after this period.
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Cir No. IRDAI/ACT/CIR/SLM/119/07/2019
Date: 25th July, 2019
To
CEOs/CMDs of all Non-Life Insurance Companies
and Registered Indian Reinsurers including Foreign Reinsurance Branch Offices.
Sub: Solvency Margin for Crop Insurance business.
This circular is issued in accordance with the power vested under section 14(2)(e) of the IRDA Act, 1999 read with section 34(1) of the Insurance Act, 1938.
Reference is drawn to the Circular No. IRDA/ACT/CIR/SLM/066/03/2017 dated 28th March, 2017.
The provisions of Para - 6.1, Para - 6.2, Para - 6.3 and Para - 6.3.1 shall remain effective for one more financial year, that is, for the period from 1st April, 2019 up to 31st March, 2020 and the situation will be reviewed accordingly.
This circular shall come into force with effect from 1st April, 2019.
Member (Actuary)
सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुडा, हैदराबाद-500 032, भारत | Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India Ⓢ : +91-40-2020 4000 वेबसाइद : www.irdai.gov.in | Ⓢ : +91-40-2020 4000 Website : www.irdai.gov.in
