{"id":191414,"date":"2018-02-21T12:04:49","date_gmt":"2018-02-21T06:34:49","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=191414"},"modified":"2018-02-21T12:04:49","modified_gmt":"2018-02-21T06:34:49","slug":"irda-notifies-obligatory-cession-applicable-indian-reinsurers-per-s-101-insurance-act","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/21\/irda-notifies-obligatory-cession-applicable-indian-reinsurers-per-s-101-insurance-act\/","title":{"rendered":"IRDA notifies \u201cObligatory Cession\u201d applicable to Indian Reinsurers as per S. 101-A of Insurance Act"},"content":{"rendered":"<p style=\"text-align: justify;\">The Insurance Regulatory and Development Authority of India, has notified the \u201cObligatory Cession\u201d, with Central Governments\u2019 previous approval, and after consultation with the Advisory Committee (constituted under Section 101-B of Insurance Act, 1938), in exercise of powers conferred by sub-section (2) of Section 101-A of Insurance Act, 1938.<\/p>\n<p style=\"text-align: justify;\">The notification hereby apprises the following:<\/p>\n<p style=\"text-align: justify;\"><strong>1. Applicability:<\/strong> This notification shall be applicable to Indian Reinsurers and other applicable insurers as per the provision of Section 101-A of Insurance Act, 1938.<\/p>\n<p style=\"text-align: justify;\"><strong>2. Percentage of Cession:<\/strong> The percentage cession of the sum insured on each General Insurance Policy to be reinsured with the Indian Reinsurer(s) shall be 5% in respect of insurance attaching during the financial year beginning from 1st April, 2017 to 31st March, 2018. Apportionment of obligatory cession for the FY 2017-18 will be at 5% and 0% between General Insurance Corporation of India and ITI Reinsurance Ltd. respectively.<\/p>\n<p style=\"text-align: justify;\"><strong>3. Terms &amp; Conditions:<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>a) Sum insured limits for cession:<\/strong><\/p>\n<p style=\"text-align: justify;\">i. The following sum insured limits for obligatory cession shall be applicable from 1st April, 2017 to 30th September, 2017.<\/p>\n<p style=\"text-align: justify;\"><strong>Class and Limit of cession in sum insured<\/strong><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 Fire, IAR Large Risks &#8212; Rs 750 crore sum insured (MD+LOP) per risk<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 Marine Cargo\/ DSU Insurance &#8212; Rs 50 crore sum insured per policy\/bottom\/sending<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 Marine Hull &#8212; Rs 50 crore sum insured per vessel<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 War &amp; SRCC &#8212; Rs 50 crore sum insured per vessel<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 All Liability products excluding financial liability &#8212; Rs 25 crore per policy including USA and Rs 50 crore per policy excluding USA<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 Financial, Credit and Guarantee Lines, mortgage insurance, special contingency policies etc. &#8212; Rs 50 crore sum insured per policy<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 Machinery Breakdown, Boiler Explosion and related loss of profit &#8212; Rs 100 crore per risk<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 Contractor\u2019s All Risks, Erection All Risks, Advance Loss of Profit, DSU Insurance &#8212; Rs 500 crore per risk (MD+LOP)<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 Oil &amp; Energy &#8212; Rs 50 crore SI per risk<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u00b7 Others &#8212; No Limit<\/p>\n<p style=\"text-align: justify;\">ii. No sum insured limit shall be applicable for the cessions made during the period from 1st October, 2017 to 31st March, 2018.<\/p>\n<p style=\"text-align: justify;\">iii. In view of the above, the Indian Reinsurer(s) may require the ceding insurer to give immediate notice of underwriting information of any cession exceeding an amount specified by the former. The ceding insurer shall inform to the Indian Reinsurer(s) at all times whenever the cession exceeds such specified limits.<\/p>\n<p style=\"text-align: justify;\"><strong>b) Commission:<\/strong><\/p>\n<p style=\"text-align: justify;\">Percentage of commission on obligatory cession for different classes of business shall be as follows:<\/p>\n<p style=\"text-align: justify;\">i. Minimum 5% for Motor TP and Oil &amp; Energy insurance.<\/p>\n<p style=\"text-align: justify;\">ii. Minimum 10% for Group Health insurance.<\/p>\n<p style=\"text-align: justify;\">iii. Average Terms for Aviation insurance.<\/p>\n<p style=\"text-align: justify;\">iv. Minimum 15% for all other classes of insurance business.<\/p>\n<p style=\"text-align: justify;\">Commission over and above, can be as mutually agreed between Indian Reinsurer(s) and the ceding insurer.<\/p>\n<p style=\"text-align: justify;\"><strong>c) Profit Commission:<\/strong><\/p>\n<p style=\"text-align: justify;\">The Indian reinsurer(s) shall share the profit commission, on 50%:50% basis, with the ceding insurer based on the performance and surplus of the total obligatory portfolio of the ceding insurer, after factoring the following:<\/p>\n<p style=\"text-align: justify;\">i. Incurred loss % (to be worked at the end of 3 financial years).<\/p>\n<p style=\"text-align: justify;\">ii. Management Expenses at 2%.<\/p>\n<p style=\"text-align: justify;\">iii. Profit at 5%.<\/p>\n<p style=\"text-align: justify;\">iv. Commission at 15%.<\/p>\n<p style=\"text-align: justify;\">v. Loss ratio at 50% to 78%.<\/p>\n<p style=\"text-align: justify;\">No profit commission is payable if the loss ratio exceeds 78%. Profit commission shall not exceed 14%.<\/p>\n<p style=\"text-align: right;\">[F. No IRDAI\/RI\/1\/148\/2018, notified on 17-01-2018]<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insurance Regulatory and Development Authority of India, has notified the \u201cObligatory Cession\u201d, with Central Governments\u2019 previous approval, and after consultation with <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[28704,4411,28694,28684],"class_list":["post-191414","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications","tag-indian-reinsurers","tag-insurance-act","tag-irda","tag-obligatory-cession"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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| Obligatory Cession for financial year 2019-20 &#8212; Applicable to Indian Re-Insurers &#038; Insurers as per provisions of S. 101 A of Insurance Act, 1938","author":"Bhumika Indulia","date":"April 9, 2019","format":false,"excerpt":"F. No IRDAI\/RI\/3\/154\/2019\u2014 In exercise of the powers conferred by Sub-section (2) and (4) of the Section 101A of the Insurance Act, 1938, the Authority, after consultation with the Advisory Committee, constituted under section 101B of the Insurance Act, 1938 and with the previous approval of the Central Government, hereby\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":180704,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/12\/exposure-draft-insurance-regulatory-development-authority-india-minimum-information-inspection-investigation-regulations-2018\/","url_meta":{"origin":191414,"position":1},"title":"Exposure Draft on Insurance Regulatory and Development Authority of India (Minimum Information for Inspection or Investigation) Regulations 2018","author":"Saba","date":"January 12, 2018","format":false,"excerpt":"Exposure Draft on Insurance Regulatory and Development Authority of India (Minimum Information for Inspection or Investigation) Regulations 2018 Ref: 40\/IRDA\/INSP\/Min-Info-Reg\/2017 Rule 39 of the Insurance Rules, 1939 prescribed certain minimum information to be maintained, the checks and other verifications to be adopted by the insurers. The Government of India issued\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":371369,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/31\/indian-insurance-companies-foreign-investment-amendment-rules-2025-explained\/","url_meta":{"origin":191414,"position":2},"title":"Foreign Investment in Indian Insurance: What Changed Under the Indian Insurance Companies (Foreign Investment) Amendment 2025 Rules?","author":"Shubhi","date":"December 31, 2025","format":false,"excerpt":"Finance Ministry has notified Indian Insurance Companies (Foreign Investment) Amendment Rules, 2025, aligning FDI norms with modern frameworks to enhance clarity, flexibility, and governance.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Indian Insurance Companies (Foreign Investment) Amendment Rules","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7100,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/01\/07\/insurance-laws-amendment-ordinance-20141\/","url_meta":{"origin":191414,"position":3},"title":"Insurance Laws (Amendment) Ordinance, 2014","author":"Sucheta","date":"January 7, 2015","format":false,"excerpt":"On 27-12-2014, the Union Cabinet approved the promulgation of the Insurance Laws (Amendment) Ordinance 2014. The Ordinance aims to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999, in accordance with the Insurance Laws (Amendment) Bill 2008. The\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":214900,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/05\/21\/insurance-regulatory-and-development-authority-of-india-appointed-actuary-amendment-regulations-2019\/","url_meta":{"origin":191414,"position":4},"title":"Insurance Regulatory and Development Authority of India (Appointed Actuary) (Amendment) Regulations, 2019","author":"Bhumika Indulia","date":"May 21, 2019","format":false,"excerpt":"F. No. IRDA\/Reg\/5\/156\/2019.\u2014In exercise of the powers conferred by clause (zd) of subsection (2) of Section 114 A of Insurance Act, 1938 (4 of 1938) and Sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee, hereby makes\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":313825,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/12\/calcutta-high-court-rejects-appeal-on-compliance-of-section-64vb-of-insurance-act-scc-blog\/","url_meta":{"origin":191414,"position":5},"title":"Calcutta High Court rejects appeal on compliance of Section 64VB of Insurance Act; directs dispersal of insurance claim","author":"Ritu","date":"February 12, 2024","format":false,"excerpt":"\u201cWaiver is the abandonment of a right which normally every body is at liberty to waive. It is an intentional relinquishment of known right or advantage, benefit, claim or privilege which except for such waiver the party would have enjoyed.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"calcutta high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/191414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=191414"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/191414\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=191414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=191414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=191414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}