Giving Insurers Financial Creditor Status in Infrastructure Project Defaults The Indian government is considering amendments to the Insolvency and Bankruptcy Code (IBC) to grant insurers the same status as banks in cases of default in infrastructure projects. Currently, surety bonds issued by general insurance companies do not offer the same recovery options as bank guarantees. Making Insurers Financial Creditors for Surety Bond Defaults To make the surety bond business more appealing, the government is looking […]

Irdai, the Insurance Regulatory and Development Authority of India, is taking steps to improve insurance coverage in rural areas through the implementation of a women-led localized distribution force, known as Bima Vahak. The primary objective of this initiative is to engage women in raising awareness about the importance of insurance and educate the rural population about various insurance products tailored to their specific needs.   Upcoming Guidelines for Bima Vahak The final guidelines for Bima […]

IRDA considering Managed General Agencies in insurance   A new-age entity may be well on its way to entering India as the country’s insurance regulator is considering the feasibility of allowing managed general agencies or MGAs in the domestic market. A managed general agency is similar to a non-banking finance company in the banking space. An MGA can onboard customers, manage products, underwrite customers and also share the risk with larger insurance manufacturers. Such entities […]