Magazine date:
Mar 2010 IRDA, the supervisory authority, has listed down the risks submitted to a legal cession for the benefit of GIC Re. As of April 1, 2010, the classes of business concerned by this cession are fire for industrial risks, marine, aviation, third party liability and machinery breakdown. The legal cession is 10% of the sums insured with a maximum 5 billion INR (108.5 million USD) in fire insurance, 250 million INR (5.4 million USD) in marine cargo insurance, 400 million INR (8.6 million USD) in marine hull, 1 billion INR (21.7 million USD) in machinery breakdown and 3 billion INR (65.1 million USD) in aviation.