Banks

IRDA releases draft guidelines on e-settlement system

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The Insurance Regulatory and Development Authority (IRDA) has released a draft guidelines on participation in its Electronic Transaction Administration and Settlement System (ETASS).

The ETASS is an electronic platform deployed for insurance-related clearing house operations.

The IRDA had initiated setting up of ETASS for co-insurance and re-insurance transactions. The development of ETASS is currently underway and the co-insurance module for the fire insurance portfolio is expected to be operational in a short time, the IRDA website said.

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