A Review of the Performance of Surety Insurance Contracts in India

Introduction:

Surety insurance bonds (“Surety Bonds”) are a proven risk management mechanism, useful especially in the infrastructure, construction projects, and government procurement space. Surety Bonds can be an effective alternative financial solution to the principals/ contractors, who had to depend on bank guarantees earlier. Continue Reading A Review of the Performance of Surety Insurance Contracts in India

Indian Regulatory Perspective on Non-traditional Reinsurance Solutions

Background

The Insurance Regulatory and Development Authority of India (“IRDAI”) has notified the introduction of first phase of pilots for implementing ‘Risk Based Supervision’ (“RBS”) framework for the insurance sector in India[1], commencing from July 2023. The IRDAI has collaborated with M/s Toronto Centre[2] for the aforesaid project. According to the IRDAI press release, RBS is a shift towards adopting global best practices for supervision which focuses on proportionality, materiality and relies on holistic analysis of the activities of regulated entity from risk perspective. The IRDAI’s intention to shift to the RBS framework for the insurance sector was first divulged vide a notification in October 2018[3], which listed the following benefits for insurance supervision[4]:Continue Reading Risk Based Supervision: Pilot Basis for New Regime to Take Off?

Introduction

The Gujarat Public Universities Act, 2023 (“the Act”), came into effect on October 9, 2023[1], with the intent to unify the State legislation, governing 11 (eleven) public universities in Gujarat and any new public university that the Government of Gujarat (“GoG”) may constitute and notify (collectively, the “Universities”). The Act provides a common consolidated legislation for all Universities, aiming to provide better governance, improved academic standards, adequate representation through a democratic process, state of the art facilities and to transform, strengthen and regulate higher education in a more efficient manner.Continue Reading Gujarat Public Universities Act, 2023 – A step towards Unification?