New Delhi: Insurance sector regulator Irdai has set up a nine-member panel to review its guidelines on trade credit insurance.
According to a release by the watchdog, the working group headed by New India Assurance Chairman and Managing Director Atul Sahai will review the norms, issued in 2016, in line with changing needs of the market.
Trade credit insurance policy provides coverage to the supplier of goods and services against delay in payment or non-payments of trade credit.
The panel has been asked to submit the report in three months, the Insurance Regulatory and Development Authority of India (Irdai) said.
It would study the need and scope for changes in the current guidelines keeping with the times and requirements of various segments of the market.
The panel would also recommend suitable amendments to guidelines that add value to the policyholders and stakeholders such as banks and factoring companies.
Various stakeholders have sought review of the scope of the trade credit cover.
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