 "After Bajaj Allianz, New India Assurance gets into surety bonds business")
The country’s largest general insurer, New India Assurance, has become the second insurance company to get into the surety bonds business, which is being pushed by the central government as an alternative to bank guarantees for government procurement.
Last November, private sector general insurer Bajaj Allianz General Insurance was the first in its space to get into this business. There were talks of two other private sector insurers getting into the business. However, so far, none of the companies have made any official announcement on this.
Surety bonds are legally enforceable tripartite contracts that guarantee compliance, payment and/or performance. They indemnify the
