NEW DELHI : In the wake of coronavirus outbreak, insurance sector regulator Irdai has allowed insurers to submit their reinsurance plans for 2020-21 with a lag as the pandemic has disrupted operations across sectors.
Issuing guideline on relaxation of timelines for certain provisions of the IRDAI (Re-insurance) Regulations, 2018, the sectoral watchdog said in view of Covid-19 pandemic, the Government of India has initiated various measures including enforcement of lock-down in various areas.
Similar steps are also initiated by governments of various countries which could result in disruption in the operations of reinsurers, Irdai said.