Treatment of inward Co-Insurance while reporting MTP Obligations

IRDAI vide its circular ref. no. IRDAI/NL/CIR/MTP/54/02/2023, dated February 20, 2023 has issued Circular on ‘Treatment of inward Co-Insurance while reporting MTP Obligations’ (Circular).

Major highlights of the Circular are as follows:

• The Circular draws reference to the obligations of an Insurer in respect of Motor Third Party Insurance Business for every Financial Year as specified in IRDAI (Obligation of Insurer in Respect of Motor Third Party Insurance Business) Regulations, 2015 (“MTP obligations”)

IRDAI has clarified that the inward co-insurance shall not be considered for the purpose of reckoning compliance to the MTP obligations.

Source category: IRDAI

Attachments

• /2023/156_Circular_on_Treatment_of_inward_Co-Insurance.pdf