Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    PhonePe raises growth funds at a $12 billion valuation, led by General Atlantic

    January 23, 2023

    360 ONE acquires Mumbai Angels; announces two new funds with them

    January 23, 2023

    Kotak General Insurance partners with Clootrack to enhance customer centricity

    January 23, 2023
    Facebook Twitter Instagram
    BFSINXT
    Twitter YouTube LinkedIn
    • Banking
      • SME /Wholesale Banking
      • Retail
      • HR
        • Wholesale
      • Rural & Agri
    • NBFC
      • Customer Experience
      • Retail
      • Digital
    • Insurance
      • Life
      • General
      • InsurTech
    • Fintech
      • Payments
      • Lending
      • Wealth/PF
      • Neo-Banking
    • Policy
      • RBI
      • IRDAI
      • SEBI
      • Government
    • Financial Services
      • Securities
      • AMC
    • About us
      • Editorial Team
      • Our Advisory Panel
      • Get In Touch
    BFSINXT
    Home » IRDAI relaxes solvency margin for crop insurance
    Insurance

    IRDAI relaxes solvency margin for crop insurance

    It is estimated that approximately Rs 1,400 crores will be unlocked and General insurers may use this opportunity to optimize this freed up capital in a way which leads to increased insurance penetration in India, it added. 
    June 14, 20221 Min ReadBy Bfsinxt Desk
    Twitter LinkedIn WhatsApp

    India’s insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) has reduced the solvency margin requirement for insurance companies doing crop business.

    The move is expected to increase the capacity of general insurers to underwrite more business. Since FY 2017-18, IRDAI said, it has been relaxing the period of admissibility of premium due from government for solvency calculation purpose, from 180 days to 365 days.

    IRDAI said it has been decided to extend the above relaxation from FY 2022-23 onwards till further orders and the move is expected to improve the solvency status of the general insurance industry as a whole.

    IRDAI said, it is expected that the effect of this relaxation will be positive on the Industry as it will free up the capital, which can be utilized for underwriting more business.

    It is estimated that approximately Rs 1,400 crores will be unlocked and General insurers may use this opportunity to optimize this freed up capital in a way which leads to increased insurance penetration in India, it added.

    Crop Insurance IRDAI
    Previous ArticleIRDAI rationalises regulatory returns to be filed by insurers
    Next Article Kotak General Insurance Partners with PhonePe to offer Motor Insurance
    Bfsinxt Desk

    Related Posts

    Kotak General Insurance partners with Clootrack to enhance customer centricity

    January 23, 2023

    IIFL Fintech Fund Leads Investment Round in Insurance Samadhan For 16% Stake

    December 25, 2022

    AU Small Finance Bank and HDFC Life announce Bancassurance tie-up

    December 19, 2022

    GSTN gets included as a Financial Information Provider under Account Aggregator Framework

    November 23, 2022

    Leave A Reply Cancel Reply

    Recent Posts

    • PhonePe raises growth funds at a $12 billion valuation, led by General Atlantic
    • 360 ONE acquires Mumbai Angels; announces two new funds with them
    • Kotak General Insurance partners with Clootrack to enhance customer centricity
    • Upstox partners with ‘Trading View’ to empower traders with simplicity
    • AU Small Finance Bank introduces menstrual leaves for women employees

    Recent Comments

    No comments to show.
    Demo
    NBFC's

    PLANET App by L&T Financial Services Crosses 1.5 Million Downloads

    January 7, 2023

    SIDBI enters Co-lending Space for Unsecured Loans to MSMEs, partners with Ambit Finvest

    December 31, 2022

    Piramal Finance launches ‘Innovation Lab’ in Bengaluru

    December 19, 2022

    Shriram Transport Finance and Shriram City Union Finance are now Shriram Finance, India’s largest retail finance NBFC

    December 5, 2022
    New Policy
    Policy

    GSTN gets included as a Financial Information Provider under Account Aggregator Framework

    November 23, 20220By Bfsinxt Desk

    The RBI said, with a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework.

    RBI to run Nation-wide Finanical Services Awareness Programme in November 2022

    November 3, 2022

    RBI to soon operationalise CBDC Wholesale (e₹-W) Pilot

    November 1, 2022

    RBI launches दक्ष (DAKSH) – Reserve Bank’s Advanced Supervisory Monitoring System

    October 8, 2022
    • Twitter
    • YouTube

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    BFSINXT
    Twitter YouTube LinkedIn
    © 2023 bfsinxt.com.

    Type above and press Enter to search. Press Esc to cancel.