The Insurance Regulatory and Development Authority (IRDA) has released a draft guidelines on participation in its Electronic Transaction Administration and Settlement System (ETASS).
The ETASS is essentially an electronic platform deployed for insurance-related clearing house operations. “The authority intends to provide the regulatory framework governing various aspects of conduct of the ETASS system,” the IRDA website said.
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The IRDA has requested all interested parties to provide their feedback on the topic by April 4.
The IRDA had initiated setting up of ETASS for co-insurance and re-insurance transactions. The development of ETASS is currently underway and the co-insurance module for the fire insurance portfolio is expected to be operational in a short time, the IRDA website said.
The general insurers, reinsurance brokers and reinsurers would have to participate in the ETASS system for co-insurance and re-insurance business which they transact, the IRDA website said.
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