Exposure Draft on IRDAI (Surety Insurance Contracts) Guidelines, 2021

Last updated: 13 September 2021

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The Insurance Regulatory and Development Authority of India (IRDAI) has released an exposure draft for new guidelines on Surety Insurance Contracts. These proposed guidelines aim to foster the sustainable and healthy development of the surety insurance business within India. Stakeholders are invited to provide their comments and suggestions on the draft by emailing nl-products@irdai.gov.in, with a copy to Mr A. Rama Sudheer, before 28th September 2021.

Insurance Regulatory and Development Authority of India

Ref. No: IRDAI/NL/WG/SB/299/2021-22

Date: 08-09-2021

Comments / suggestions of the stakeholders on Draft IRDAI (Surety Insurance Contracts) Guidelines, 2021

Exposure Draft on IRDAI (Surety Insurance Contracts) Guidelines, 2021

Insurance Regulatory and Development Authority of India had set up a Working Group to study the feasibility of General Insurers to underwrite Surety Insurance. The Authority, upon examining the recommendations of the Working Group report, stakeholders’ comments and considering the specific nature of Surety insurance as a product, has proposed separate guidelines to regulate the Surety Insurance business. Accordingly, the draft guidelines are prepared and placed in the annexure.

2. The objectives of the proposed guidelines are to promote and regulate sustainable and healthy development of Surety Insurance Business in India.

3. Stakeholders are requested to give their comments / suggestions through e-mail to nl-products@irdai.gov.in with a copy to Mr A. Rama Sudheer, Manager (ramasudheer@irdai.gov.in) before 28th September, 2021 in the following format.

	Name
	Organisation
	Date
S.No	Page No	Guideline	Guidelines and Sub-provision No./Para Number	Suggested change	Reasons for change

Sd/-
(Yegnapriya Bharath)
Chief General Manager (Non-life)

FAQ :

The proposed guidelines aim to promote and regulate the sustainable and healthy development of the Surety Insurance business in India.

The draft guidelines have been prepared by the Insurance Regulatory and Development Authority of India (IRDAI) after examining a Working Group report and stakeholder comments.

Stakeholders can submit their comments and suggestions via email to nl-products@irdai.gov.in, with a copy to Mr A. Rama Sudheer (ramasudheer@irdai.gov.in).

The deadline for submitting comments and suggestions is 28th September 2021.

When submitting comments, stakeholders need to provide their Name, Organisation, Date, S.No, Page No, Guideline and Sub-provision No./Para Number, Suggested change, and Reasons for change.

Notification No : IRDAI/NL/WG/SB/299/2021-22
Source : https://www.irdai.gov.in/admincms/cms/whatsNew_Layout.aspx?page=PageNo4559&flag=1

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