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

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