News From Press Govt considers giving financial creditor status to insurers issuing surety bond during resolution

Govt considers giving financial creditor status to insurers issuing surety bond during resolution

Source: ET Sep 25, 2023

To make surety bond business more attractive, the government is looking at making relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditor in case of default of infra projects. The surety bond issued by a general insurance company 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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