Bare Act Search Results

Insurance Regulatory and Development Authority (General Insurancereinsurance) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....Regulatory and Development Authority Act, 1999 (41 of 1999), rules made thereunder shall have the meanings respectively assigned to them in those Acts or rules as the case may be. CHAPTER 2 Regulation 3 Procedure to be followed for Re-insurance Arrangements (1) The Re-insurance Programme shall continue to be guided by the following objectives to:- (a) maximise retention within the country; (b) develop adequate capacity; (c) secure the best possible protection for the re-insurance costs incurred; (d) simplify the administration of business; (2) Every insurer shall maintain the maximum possible retention commensurate with its financial strength and volume of business. The Authority may require an insurer to justify its retention policy and may give such directions as considered necessary in order to ensure that the Indian insurer is not merely fronting for a foreign insurer. (3) Every insurer shall cede such percentage of the sum assured on each policy for different classes of insurance written in India to the Indian reinsurer as may be specified by the Authority in accordance with the provisions of Part IV-A of the Insurance Act, 1938. (4) The re-insurance programme of.....