What are the recent changes made by IRDAI with respect to solvency requirements for Surety Bonds?

(a) Solvency requirement increased from 1.5 times to 1.875 times

(b) Completely removed the solvency requirement

(c) Solvency requirement reduced from 1.875 times to 1.5 times

(d) Set the solvency requirement at 2 times the previous limit

(e) None of the above

Ans.(c)

Sol. IRDAI has relaxed the solvency requirement for surety bonds, making it more accessible to insurers while ensuring adequate financial capacity to cover potential losses.