In order to bring in transparency and efficiency in the administration, accounting and settlement of the Coinsurance and Reinsurance transactions, the Authority had initiated the setting up of the “Electronic Transaction Administration and Settlement System” which is the clearing house system for all the reinsurance and coinsurance transactions. The development of ETASS is currently underway and the Coinsurance Module for Fire LOB is expected to go into production in a short period of time. The General Insurers, Reinsurance Brokers and Reinsurers will have to participate in the ETASS system for coinsurance and reinsurance business they transact. The Authority intends to provide the regulatory framework governing the various aspects of conduct of ETASS system. In this connection an exposure draft is being released.
All the interested parties are requested to provide their feedback in an email to anil.t at irda dot gov dot in under copy to jay at irda dot gov dot in before 4th April, 2015.
Sr. JD (Non-life)