India establishes sovereign maritime insurance pool with ₹12,980 crore guarantee
→State-backed insurance available for India-linked shipping risks
Insurance
7 briefs
IRDAI mandates Ind AS accounting for insurers
→Insurers must shift to new reporting framework
US provides up to $20bn reinsurance for Gulf maritime trade
→Government-backed cover supports shipping operations
General Insurance Corporation of India withdraws marine hull war cover in high-risk regions
→General Insurance Corporation of India (GIC Re) ceased providing Marine Hull War Risk cover for specified high-risk zones effective 7 pm India time on March 3.
UK sanctions Maritime Mutual entities under Russia sanctions regime
→Asset freeze and service restrictions apply to designated insurer entities
India introduces risk-based deposit insurance premiums for banks
→Banks shift from flat-rate to risk-based premium system
India's IRDAI approves risk-based capital norms and new insurance accounting rules
→Insurers must shift to risk-based capital and new accounting standards