Surety Bonds
Recently, the Ministry for Road Transport & Highways (MoRTH) has asked insurance regulator IRDAI to develop a model product on Surety Bonds in consultation with general insurers.
About Surety Bonds
- A surety bond is a promise to be liable for the debt, default, or failure of another.
- It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).
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IRDAI (Surety Insurance Contracts) Guidelines, 2022
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