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The Insurance Regulatory and Development Authority of India (IRDAI) has capped the quantum of surety insurance contracts for an insurer at 10 per cent gross premium written subject to a maximum of Rs 500 crore per year.
The demand for embracing surety bonds over bank guarantees gains traction as proponents cite it as a practical way of freeing locked-up working capital.
Eqaro Guarantees partners with MultiLiving Technologies to offer ‘zero deposit rooms’