{"id":213441,"date":"2019-04-09T17:00:09","date_gmt":"2019-04-09T11:30:09","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=213441"},"modified":"2019-04-09T12:40:27","modified_gmt":"2019-04-09T07:10:27","slug":"irdai-obligatory-cession-for-financial-year-2019-20-applicable-to-indian-re-insurers-insurers-as-per-provisions-of-s-101-a-of-insurance-act-1938","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/09\/irdai-obligatory-cession-for-financial-year-2019-20-applicable-to-indian-re-insurers-insurers-as-per-provisions-of-s-101-a-of-insurance-act-1938\/","title":{"rendered":"IRDAI | 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"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>F. No IRDAI\/RI\/3\/154\/2019\u2014<\/strong> 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 makes the following notification namely:- <strong>\u201cObligatory Cession for the financial year 2019-20\u201d<\/strong>.<\/p>\n<p style=\"text-align: justify;\"><strong>1. Applicability:<\/strong> This <strong><span style=\"color: #800080;\">notification shall be applicable to Indian Re-insurers and other applicable insurers as per the provisions of Section 101A of the Insurance Act, 1938<\/span><\/strong>.<\/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 Re-insurer(s) shall be 5% (five percent) in respect of insurance attaching during the financial year beginning from 1stApril, 2019 to 31st March, 2020, except the terrorism premium and premium ceded to Nuclear pool, wherein it would be made \u2018NIL\u2019. The entire Obligatory Cession is to be placed with General Insurance Corporation of India (GIC Re) only.<\/p>\n<p style=\"text-align: justify;\"><strong>3. Terms &amp; Conditions:<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>a) Notice of information on cession:<\/strong><br \/>\ni. There would be no limit on sum insured applicable for the cessions made during the period from 1st April, 2019 to 31st March, 2020.<\/p>\n<p style=\"text-align: justify;\">ii. In view of the above, the Indian Re-insurer may require the ceding insurer to give immediate notice of underwriting information of any cession exceeding an amount as specified by the former. The ceding insurer shall inform the Indian Re-insurer at all times whenever the cession exceeds such specified limits.<\/p>\n<p style=\"text-align: justify;\"><strong>b) Commission:<\/strong><br \/>\nPercentage 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.<br \/>\nii. Minimum 10% for Group Health insurance.<br \/>\niii. Minimum 7.50% for Crop Insurance.<br \/>\niv. Average Terms for Aviation insurance.<br \/>\nv. 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 Re-insurer(s)and the ceding insurer.<\/p>\n<p style=\"text-align: justify;\"><strong>c) Profit Commission:<\/strong><br \/>\nThe Indian Re-insurer 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).<br \/>\nii. Management Expenses at 2%.<br \/>\niii. Profit at 5%.<br \/>\niv. Commission at 15%.<br \/>\nv. 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<hr \/>\n<p>[Notification dt. 04-04-2019]<\/p>\n<p style=\"text-align: right;\"><strong>Insurance Regulatory and Development Authority of India<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, <\/p>\n","protected":false},"author":8808,"featured_media":213447,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[34849,31559,34847,28684,34848],"class_list":["post-213441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-general-insurance-policy","tag-insurance-regulatory-and-development-authority-irda","tag-insurers","tag-obligatory-cession","tag-re-insurers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRDAI | Obligatory Cession for financial year 2019-20 -- Applicable to Indian Re-Insurers &amp; Insurers as per provisions of S. 101 A of Insurance Act, 1938 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/09\/irdai-obligatory-cession-for-financial-year-2019-20-applicable-to-indian-re-insurers-insurers-as-per-provisions-of-s-101-a-of-insurance-act-1938\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRDAI | Obligatory Cession for financial year 2019-20 -- Applicable to Indian Re-Insurers &amp; Insurers as per provisions of S. 101 A of Insurance Act, 1938\" \/>\n<meta property=\"og:description\" content=\"F. 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The notification\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":259589,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/06\/irdai-issues-guidelines-to-surety-insurance-contracts\/","url_meta":{"origin":213441,"position":1},"title":"IRDAI issues guidelines to Surety Insurance Contracts","author":"Prachi Bhardwaj","date":"January 6, 2022","format":false,"excerpt":"The Insurance Regulatory and Development Authority of India has published the IRDAI (Surety Insurance Contracts) Guidelines, 2022 on January 3, 2022, which shall come into force on April 1, 2022. The regulation shall be applicable to all Insurers registered under the Insurance Act, 1938, to transact the business of general\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":288151,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/30\/irdai-notified-insurance-regulatory-and-development-authority-of-india-expenses-of-management-of-insurers-transacting-general-or-health-insurance-business-regulations-legal-research-legal-update-legal\/","url_meta":{"origin":213441,"position":2},"title":"IRDAI (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2023","author":"Kriti","date":"March 30, 2023","format":false,"excerpt":"On 27-3-2023, the Insurance Regulatory and Development Authority of India (\u2018IRDAI\u2019) notified the Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2023. The Rules will repeal the IRDAI (Expenses of Management of Insurers transacting General or Health Insurance Business)\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":"IRDAI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-925.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-925.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-925.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-925.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":254068,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/11\/irdai-issues-irdai-trade-credit-insurance-guidelines-2021\/","url_meta":{"origin":213441,"position":3},"title":"IRDAI issues IRDAI (Trade Credit Insurance) Guidelines, 2021","author":"Prachi Bhardwaj","date":"September 11, 2021","format":false,"excerpt":"The Insurance Regulatory and Development Authority of India has published revised guidelines on Trade Credit insurance on 8th\u00a0September 2021. The guidelines shall come into force from November 1, 2021. \u00a0 Key highlights of the revised guidelines are: The guidelines set out the regulatory framework to: promote sustainable and healthy development\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":128881,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/04\/insurance-ombudsman-rules-2017\/","url_meta":{"origin":213441,"position":4},"title":"Insurance Ombudsman Rules, 2017, notified","author":"Saba","date":"May 4, 2017","format":false,"excerpt":"G.S.R. 413(E).\u2014 Whereas, the draft of certain rules namely, the Insurance Ombudsman Rules, 2016, were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated the 15th September, 2016 under the notification of the Government of India in the Ministry of Finance (Department of Financial Services)\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":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":213441,"position":5},"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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/213441","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\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=213441"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/213441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/213447"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=213441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=213441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=213441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}