After the Union Budget, the IRDAI had come out with the detailed norms on the issuance of general insurers by the general insurers. However, the general insurance industry wanted changes in Indian Contract Act and IBC so that surety bonds can be at par with bank guarantees when it comes to recourse available to them in case of a default. Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance said, "Given surety bonds is an entirely new line of business, insurance companies would need clarity on various aspects such as pricing, the recourse available against defaulting contractors, reinsurance options and global best practices." As an industry, we would urge the regulatory bodies to facilitate changes to laws such as the Indian Contract Act and the IBC and bring surety bonds on par with bank guarantees regarding recourse available to issuers. This will help the industry approach surety solutions with much more confidence, but it will be even more a viable proposition for all stakeholders, he added.