Title: To all Insurers including Reinsurer
Reference No.: IRDA/F&A/CIR/GLD/062/04/2015
Certificate of Registration issued under Section 3 read with Section 3A
The Government of India has notified the Insurance Laws (Amendment) Act, 2015 on 23rd March, 2015. The Insurance Laws (Amendment) Act 2015 which is effective from 26th December, 2014 has amended the provisions of the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999.
Section 3A has been amended by the Insurance Laws (Amendment) Act 2015 to remove the process of annual renewal of the Certificate of Registration issued to Insurers under Section 3 of the Insurance Act, 1938. The Insurers shall however, continue to pay such annual fee as may be prescribed by the Regulations. Thus, w.e.f. 26.12.2014 insurers shall not be issued the Renewal Certificate of Registration (IRDA/R6) on an annual basis.
Accordingly, the Certificate of Registration of the Insurers renewed in 2014 and which expired on 31 March 2015, shall continue to be in force from 1 April 2015, subject to the provisions of Section 3A read with Section 3 of the Insurance Act, 1938.
(T S Vijayan)