Among other new significant decisions, the revised reinsurance guidelines approved by the IRDAI board almost three months back but gazetted on Wednesday,  however removed the `Order of preference’ for the life reinsurance  business, put a cap on how much a cross boarder reinsurer can do business with a nonlife insurer in a specific portfolio,  lays out detailed guidelines for the reinsurers on how to do their reinsurance business(, termed as retrocession)  with their board approvals, relaunching the banned alternative risk transfer business (ART)