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IRDAI has cautioned general public not to deal with any unregistered company. In fact, the insurance regular has said that it has found that an unregistered entity ‘Surety Seven’ has been offering surety insurance without registering with IRDAI.
It said, “IRDAI would like to bring to general notice that no registration has been granted to “Surety Seven” for undertaking Surety insurance business or solicitation of Surety insurance business.”
Surety insurance is a non-life policy that aims to protect parties from financial loss arising out of payment defaults. Simply put, if an entity or an individual fails to honour debt obligation due to default, insurance company will underwrite such a financial loss.
In a notice, IRDAI said, “It has been brought to the notice of IRDAI that the said entity by the name “Surety Seven” (having website address of www.surety007.com) is possibly soliciting Surety insurance policies including Bid Bond, Advance Payment Bond and Performance Bond, Court Bond and Customs Bond from the public, especially from businesses like Construction & Import/Export.