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Guidelines
Ref.: IRDAI/RI/GDL/MISC/038/01/2020
All Insurers asdefined under Sec. 2 (9) of the Act, IFSC IIOs, Exempted Insurers;
1. This has reference to the Reg. 3 (3) (A) (b)of the IRDAI (Re-insurance), Regulations, 2018 as per which, the Insurers asdefined under Sec. 2 (9) of the Act, IFSC IIOs, Exempted Insurers (hereinafterreferred as ‘insurer’ for the purpose of these guidelines), have to submit itsre-insurance Programme for the forthcoming financial year, forty-five (45) daysbefore commencement of the financial year;
2. In addition to submissions as per provisionsof above mentioned regulations, the insurers shall comply with the following;
a. to confirm that, the reinsurance treaty(ies)applicable for particular financial year meet the risk transfer requirements. Anyre-insurance arrangement which do not have pure risk transfer such as CapitalGearing Treaty, Alternate Risk Transfer Solution, Financial Re-insurance,non-traditional structured re-insurance solution or any other term or namecalled, need to be informed to the IRDAI;
b. in case the insurer intends to adopt ART, non-traditionalstructured solutions, Financial Re-insurance, then it shall take prior approvalof the Authority, as per provisions of Reg. 8 of the IRDAI (Re-insurance)Regulations, 2018;
c. to inform the IRDAI on or before 1stMarch of every year about any proposed re-insurance arrangement (other thanpure risk transfer / traditional re-insurance contract) to be entered in to bythe insurer as specified in para 3 (a) of this guidelines;
d. to obtain due confirmation from the leadreinsurer(s) specifying the methodology used for such risk transfer and itscompliance and submit the same with the IRDAIwhenever called for;
3. We reiterate that, the accounting treatmentfor the ART agreements shall be as per the provisions of the IRDA Circular No.IRDA/CIR/F&A/053/DEC-04 dated 08th December, 2004;
4. This is issued in exercise of the powersconferred under Sec. 14 of the IRDA Act, 1999.
