{"id":254068,"date":"2021-09-11T11:00:00","date_gmt":"2021-09-11T05:30:00","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=254068"},"modified":"2021-09-11T10:51:54","modified_gmt":"2021-09-11T05:21:54","slug":"irdai-issues-irdai-trade-credit-insurance-guidelines-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/11\/irdai-issues-irdai-trade-credit-insurance-guidelines-2021\/","title":{"rendered":"IRDAI issues IRDAI (Trade Credit Insurance) Guidelines, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">The Insurance Regulatory and Development Authority of India has published revised guidelines on Trade Credit insurance on 8<sup>th<\/sup>\u00a0September 2021. The guidelines shall come into force from November 1, 2021.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Key highlights of the revised guidelines are:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>The guidelines set out the regulatory framework to:<\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol style=\"text-align: justify;\">\n<li>promote sustainable and healthy development of trade credit insurance business<\/li>\n<li>facilitate general insurance companies to offer trade credit insurance covers to suppliers as well as licensed banks and other financial institutions to help businesses manage country risk, open up access to new markets<\/li>\n<li>to manage non-payment risk associated with trade financing portfolio.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li>These guidelines shall be applicable to all insurers transacting general insurance business, registered under the Insurance Act, 1938. The ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd) is exempted from the application of these guidelines.<\/li>\n<li>A trade credit insurance for Banks \/ Financial Institutions and Factoring Companies shall cover the loss on account of non-receipt of payment from a buyer, due to commercial or political risks, against the bills \/ invoices purchased or discounted and it shall be issued for covering trade related transactions other than loan default of seller.<\/li>\n<li>A trade credit insurance policy shall not cover a) Reverse Factoring; b) Government Buyers except for political risks in overseas under export transaction. c) Financial Guarantee in any form d) Any other risk cover that may be specified by the Authority from time to time.<\/li>\n<li>A trade credit insurance policy shall cover only receivables arising from transactions made under trade credit transaction.<\/li>\n<li>Every Insurer shall have an Underwriting and Risk Management Policy approved by Board, in addition to the underwriting policy prescribed under Guidelines on Product Filing Procedures for General Insurance Products which shall be filed with the Authority.<\/li>\n<li>The insurer shall have a &#8220;Claims Manual&#8221; which will illustrate how the claims shall be processed, documentation, delegation of authority, policy holders servicing, grievance redressal etc.<\/li>\n<li>Contravention of the any of these Guidelines shall invite penal action under the provisions of the Insurance Act, 1938 which includes prohibiting insurer against entering into any new or particular trade credit insurance business transaction after giving the insurer an opportunity of being heard.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<hr \/>\n<p><span style=\"color: #0000ff;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insurance Regulatory and Development Authority of India has published revised guidelines on Trade Credit insurance on 8th\u00a0September 2021. The guidelines shall <\/p>\n","protected":false},"author":121,"featured_media":213447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[2707,42075,47002],"class_list":["post-254068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-Insurance","tag-irdai","tag-tax-credit"],"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 issues IRDAI (Trade Credit Insurance) Guidelines, 2021 | 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\/2021\/09\/11\/irdai-issues-irdai-trade-credit-insurance-guidelines-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRDAI issues IRDAI (Trade Credit Insurance) Guidelines, 2021\" \/>\n<meta property=\"og:description\" content=\"The Insurance Regulatory and Development Authority of India has published revised guidelines on Trade Credit insurance on 8th\u00a0September 2021. 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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":223814,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/04\/guidelines-on-migration-and-portability-of-health-insurance-policies-irdai\/","url_meta":{"origin":254068,"position":1},"title":"Guidelines on Migration and Portability of health insurance policies &#8212; IRDAI","author":"Bhumika Indulia","date":"January 4, 2020","format":false,"excerpt":"Reference is invited to Regulation 17(iv) and clause 16 of Schedule I of IRDAI (Health Insurance) Regulations 2016. In terms thereof, the following guidelines are issued: A: NORMS ON PORTABILITY: Portability shall be allowed under all individual indemnity health insurance policies issued by General Insurers and Health Insurers including family\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":223810,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/03\/modification-guidelines-on-standardization-in-health-insurance\/","url_meta":{"origin":254068,"position":2},"title":"IRDAI | Modification guidelines on standardization in health insurance\u00a0","author":"Bhumika Indulia","date":"January 3, 2020","format":false,"excerpt":"Reference is invited to Chapter \u2013 I of Guidelines on Standardization in Health Insurance issued vide Ref: IRDA\/HLT\/REG\/CIR\/146\/07\/2016 dated 29th\u00a0July, 2016, where Standard Definitions for 42 commonly used terms in health insurance policies are defined. The following two definitions are inserted as clause 45 and 46 into the within referred\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":121911,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/09\/irdai-issues-guidelines-on-insurance-e-commerce\/","url_meta":{"origin":254068,"position":3},"title":"IRDAI issues Guidelines on Insurance e-commerce","author":"Saba","date":"April 9, 2017","format":false,"excerpt":"Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on insurance e-commerce dated 9th March, 2017. IRDAI has informed that the guidelines issued by the Authority enable insurers and insurance intermediaries to set-up Insurance Self-Network Platforms (ISNP) to sell and service insurance policies. The said guidelines lay down\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":226846,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/11\/irdai-guidelines-on-handling-of-claims-reported-under-corona-virus-insurers-advised-to-design-products-covering-costs-of-treatment-for-covid-19\/","url_meta":{"origin":254068,"position":4},"title":"IRDAI | Guidelines on handling of claims reported under Corona Virus; Insurers advised to design products covering costs of treatment for COVID-19","author":"Bhumika Indulia","date":"March 11, 2020","format":false,"excerpt":"1. \u00a0 In respect of the products filed and cleared as per the provisions of Guidelines on product filing in Health Insurance Business (Ref: IRDA\/HLT\/REG\/CIR\/150\/07\/2016) dated 29th July 2016, where coverage is granted for treatment of hospitalization expenses, in order to alleviate the hardships that may be caused to the\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"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":251190,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/13\/insurance-regulatory-and-development-authority-of-india-indian-insurance-companies-amendment-regulations-2021\/","url_meta":{"origin":254068,"position":5},"title":"Mandatory compliances introduced for registration of an Indian Insurance Company having foreign investment","author":"Prachi Bhardwaj","date":"July 13, 2021","format":false,"excerpt":"The Insurance Regulatory and Development Authority of India (IRDAI) has passed Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021 on July 07, 2021, by amending the corresponding regulations which are mentioned herein: Amendment to Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations,\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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/254068","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\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=254068"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/254068\/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=254068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=254068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=254068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}