Question

IRDAI has relaxed norms for 'surety bonds', a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract or other types of non-performance.Under this,the solvency requirement applicable for such products has now been reduced to control the level of ____.

Q: Answer-IRDAI has relaxed norms for 'surety bonds', a type of insurance policy protecting parties invo...

Regulator Irdai has relaxed norms for surety bonds, a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract or other types of non-performance.The Insurance Regulatory and Development Authority of India Irdai, the solvency requirement applicable for such products has now been reduced to control the level of 1.5 times from 1.875 times previously prescribed.