CA. Amarjit Chopra, President, ICAI has signed an MOU with New India Assurance Co. Ltd. on 10 th February 2011 extending facility for insurance against professional indemnity for members and CA Firms. Mr. Virander Kumar, Genral Manager, New India Assurance Co. Ltd. while signing the MOU on behalf of the Company stated that MOU provided cushioned insurance scheme for CAs being offered at heavily discounted rate for ICAI.

The scheme provides indemnity insurance for members covering risk of Rs 10 lakhs with extension of allied professional colleagues and for CA Firms including partners coverage of Rs 1 to 2 crores . This is a renewable scheme for 12 months applicable to all the members and CA Firms of ICAI.

Professional indemnity insurance for chartered accountants secured through ICAI MOU, offering discounted renewable coverage to members. A memorandum between the professional body and an insurer establishes a discounted, insurer administered professional indemnity insurance scheme available to eligible members and CA firms, structured as renewable annual coverage with extensions for allied professionals and firm partner liability, and governed by MOU terms on eligibility, renewal, scope of cover, and insurer underwriting commitments.