Gazette Information

Gazette Title

The Gazette of India: Extraordinary

Gazette Number

1164 GI/2024

Publication Date

February 20, 2024

Issuing Authority

Insurance Regulatory and Development Authority of India

Summary

• This notification pertains to the Obligatory Cession for the financial year 2024-25.
• It applies to Indian Re-insurers and other applicable insurers as per the provisions of Section 101A of the Insurance Act, 1938.
• The percentage cession of the sum insured on each General Insurance Policy to be reinsured is set at 4% for the specified financial year.
• Specific terms and conditions regarding notice of information on cession and commission percentages for various classes of insurance are outlined.
• Profit commission will be shared on a 50:50 basis between the Indian Re-insurer and the ceding insurer based on performance.