The Insurance Development and Regulatory Authority (IDRA) has suspended Green Delta Insurance PLC’s marine cargo insurance business for three months over allegations of issuing policies at premiums below the prescribed tariff.

The regulator has also asked the company to explain why its registration for the marine cargo insurance sub-class should not be cancelled, giving it 30 days to submit a written response.

According to an official letter issued by IDRA, an inspection team visited Green Delta Insurance’s head office on November 2, 2026, and examined marine cargo insurance policies issued by the company during the year.

During the inspection, the team found that the company had collected premiums at significantly lower rates than those prescribed under the applicable marine cargo tariff.

The inspection revealed that Green Delta Insurance had provided insurance coverage to clients at different premium rates below the officially  tariff, which IDRA considers a violation of existing insurance regulations.

The regulator said issuing insurance policies at premiums below the prescribed tariff constitutes a clear violation of Section 60 of the Insurance Act, 2010, and IDRA Circular No. 83/2021.

In response to the alleged violations, IDRA has taken action against the insurer under the relevant provisions of the law.

Citing Section 10(1) of the Insurance Act, 2010, the authority asked Green Delta Insurance to explain why its registration for the marine cargo sub-class should not be suspended.

The company has been instructed to submit its written explanation to the regulator within 30 days.

Meanwhile, invoking Section 60(2) of the Insurance Act, 2010, IDRA has ordered the suspension of the company’s marine cargo insurance business for three months.