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Title: Solvency Margin for Crop Insurance Business
Reference No.: IRDAI/ACTL/CIR/SLM/122/06/2022
Date: 13/06/2022
Solvency Margin for Crop Insurance Business

Cir No. IRDAI/ACTL/CIR/SLM/122/06/2022              Date: 13 June, 2022

To all Non-Life Insurance Companies and Registered Indian Reinsurers, Foreign Reinsurance Branch offices including Lloyds India Branch.

Sub: Solvency Margin for Crop Insurance Business

  1. This circular is issued in accordance with the power vested under Section 14(2)(e) of the IRDA Act, 1999.

  1. Reference is drawn to the Circular No. IRDA/ACT/CIR/SLM/066/03/2017 dated 28th March, 2017.

  1. The provision of Para-6.1.1 is revised as under:

    1. Premium receivables related to State / Central Government sponsored schemes for all quarters of the FY 2022-23 and onward to the extent that they are not realized within a period of 365 days shall be placed with value zero.

  1. The provisions of Para-6.2, Para-6.3 and Para-6.3.1 shall remain effective from FY 2022-23 and onward.

  1. Insurers to continue follow-up with the Central and State Governments for release of their share of premium.

  1. This Circular shall come into force with immediate effect till further order of the Authority.

(S P Chakraborty)

Chief General Manager (Actuarial)

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