Insurers to have board-approved underwriting policy

Directors of non-life insurance companies will need to develop a thorough understanding of insurance. Boards will now need to approve the underwriting philosophy of a company that will define the extent of leeway that the management of each company will enjoy in quoting rates. The regulator has also placed restrictions on companies leveraging their balance sheets to offer terms for large risk-owners that are better than those offered by reinsurance companies, reports Economic Times. More....