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ARTICLE · 14 DECEMBER 2022

IRDAI's Second Exposure Draft On Reinsurance Of 2022

Tuli & Co
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On 21 October 2022, the IRDAI had issued an exposure draft on the IRDAI Regulations 2022 with an aim to reduce the requirements on placement of reinsurance ...

IndiaInsurance
Anuj Bahukhandi
Anuj Bahukhandi
Shikha Gupta
Shikha Gupta
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Introduction

On 21 October 2022, the IRDAI had issued an exposure draft on the IRDAI (Re-insurance) (Amendment) Regulations 2022 ("October Draft") with an aim to reduce the requirements on placement of reinsurance, revise the existing Order of Preference to be followed by a Cedant1 while reinsuring its risks and increase the limits placed on cessions to Cross Border Reinsurers ("CBRs"), while continuing the existing principle of maximising retention2 within India. Our article on the key changes proposed under the October Draft can be accessed here.

Following comments received from various stakeholders on the October Draft, the IRDAI has issued a revised exposure draft on the IRDAI (Re-insurance) (Amendment) Regulations 2022 of 25 November 2022 ("Draft Amendment"), in consultation with the Insurance Advisory Committee. The Draft Amendment broadly retains the key changes proposed to (i) the IRDAI (Re-insurance) Regulations 2018 ("Reinsurance Regulations"), (ii)

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