IRDAI relaxes timeline for insurers as India grapples with coronavirus lockdown

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurers to submit their final reinsurance plans for financial year 2020-21 with a delay as the country grapples with coronavirus lockdown.

In the wake of COVID-19 pandemic, the Government of India has initiated various measures including enforcement of lockdown in various areas, resulting in disruption in the operations of reinsurers.

IRDAI stated that it has made the decision "in the interest of operation of affairs of insurance companies."

Insurers will now be able to file their board approved final reinsurance programme along with a synopsis of catastrophe modelling report on or before May 31, 2020. Previously, the stipulated time line was April 30.

It noted that the relaxation of time lines is for financial year 2020-21 only, and all other provisions of the said regulations will remain unchanged.