CURRENT AFFAIRS : BANKING & FINANCE
IRDAI retains mandatory cession of business in favour of General Insurance Corporation of India at 4% for FY24
- The Insurance Regulatory and Development Authority (IRDAI) has maintained the status quo on obligatory cession of business for the financial year 2023-24 at 4% in favour of General Insurance Corporation of India (GIC Re).
- The government had notified the move recently saying that the entire Obligatory Cession is to be placed with GIC Re only. Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer GIC Re.
