Quick Summary
Insurance Regulatory and Development Authority Ref. No:IRDA/FI/CIR/INV/085/04/2020 Date:08-04-2020 The CEOs of all Insurers, Sub: Rescheduling of Term Loans in the context of outbreak of Covid-19 The Authority has received representations from industry associations seeking moratorium on repayment of term loans sanctioned by the Insurers, in the context of outbreak of Covid-19. RBI has issued directions dt. 27thMarch, 2020, providing certain moratorium to the borrowers ofTerm L
Daily Limit Reached
You have reached your daily limit of 2 Free Notice & Circular
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited Notice & Circular Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 011-411-70713
FAQ :
The notification addresses the rescheduling of term loans for borrowers facing cashflow issues due to the COVID-19 outbreak, providing a moratorium on repayments.
Insurers are permitted to grant a moratorium of three months on term loan installments due between March 1st, 2020, and May 31st, 2020.
Yes, interest will continue to accrue on the outstanding portion of the term loans during the moratorium period.
The rescheduling of payments, including interest, will not qualify as a default for the purpose of reporting NPAs.
Insurers must frame Board-approved policies to extend these reliefs to all eligible borrowers and Concurrent Auditors will confirm compliance in their reports for the quarter ending June 2020.
CAclubindia
Guest
Notification No : Ref. No:IRDA/F&I/CIR/INV/085/04/2020Published in Community & General
Source : https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4093&flag=1