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Non-life insurance companies and registered Indian reinsurers must assign zero value to unrealized premium receivables for State or Central Government sponsored schemes under specific timelines. Premium receivables for the first quarter and the second quarter of the financial year 2020-21 receive zero value if they remain unrealized within a period of one year. Premium receivables for the third quarter and the fourth quarter of the financial year 2020-21 receive zero value if they remain unrealized within a period of 270 days. The provisions of Para-6.2, Para-6.3, and Para-6.3.1 remain effective for the financial year from 1st April, 2020 up to 31st March, 2021. The circular takes effect on 1st April, 2020.
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[Image omitted. See the official document.]
Cir No. IRDA/ACT/CIR/SLM/220/08/2020
Date: 26th August, 2020
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 provision of Para-6.1.1 is revised as under:
The provisions of 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, 2020 up to 31st March, 2021 and the situation will be reviewed accordingly.
This Circular comes into force with effect from 1st April, 2020.
This is issued with approval of the Competent Authority.
[Image omitted. See the official document.]
General Manager (Actuarial)
