Section 2 in Obligatory Cession for the financial year 2023-24
2. Percentage of Cession :
The percentage cession of the sum insured on each General Insurance Policy to be reinsured with the Indian Re -insurer (s) shall be 4 % (four percent ) in respect of insurance attaching during the financial year beginning from 1st April , 2023 to 31st March 2024 , except the terrorism premium and premium ceded to Nuclear pool wherein it would be made 'NIL '. The entire Obligatory Cession is to be placed with General Insurance Corporation of India (GIC Re ) only .
