Irdai rejects general insurers' call for blanket easing of solvency margins

The Insurance Regulatory and Development Authority of India (Irdai) has turned down a request made by general insurance companies for a blanket relaxation of solvency margins due to Covid-19. However, it said specific cases would be considered on merit.

Last month, the General Insurance Council (GI Council), in a letter to the Irdai had sought relaxations in certain regulatory requirements, such as those related to solvency ratio.

The Council, which is the representative body of general insurance firms, had asked for relaxation in calculating available solvency margins (ASM) on account of delays in tenders related to government schemes and delays