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Title: Exposure Draft
Reference No.: --
Date: 11/05/2015
IRDAI (Registration of Indian Insurance Companies) (Seventh Amendment)
Insurance Laws (Amendment) Act 2015 has carried out amendments to the sections 2(7A), 3, 3A and 6 which have a bearing on Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000.
In view of the above, it has necessitated to carry out amendments to existing regulations. The draft regulations proposing amendments to existing regulations are attached. The draft contains, amongst the others, the following:
1) Deletion of redundant definitions, modification of few definitions and introduction of definition of Applicant, Foreign investors, Indian Investors and Preliminary Expenses. The regulation also covers registration of Health and Reinsurance companies,
2) The regulation provides for investment in Applicant by an investor.
3) The manner of computation of Foreign Direct Investment has been modified to align Section 2(7A) read with Indian Insurance Companies (Foreign Investment) Rules, 2015
4) Company needs to be compliant with the provision of “Indian owned and Controlled”. Existing companies to also comply with “Indian & Owned and controlled” within a maximum period of one year.
5) The said criterion shall also be applicable to existing companies.
6) Appellate provisions introduced on rejection of R1 and R2 Application.
7) Ground for cancellation / suspension of the certificate aligned with the Act
8) Annual fee @ 1/20th of one percent subject to minimum of Rs. 5lakhs and maximum of Rs. 10 crore
9) Consequential changes made in R1 and R2 Application
All are requested to offer their valuable comments / suggestions on the proposed regulations for consideration of the same.
The comments/suggestions should reach us by 8th June, 2015 in the format attached to the undersigned by e-mail at rksharma@irda.gov.in with a copy to Mr Randip Singh Jagpal, Sr Joint Director at randip@irda.gov.in and Dr. Mamta Suri, HOD-F&A at mamta@irda.gov.in
It may be noted that the authority will come out with separate regulations for registration of a co-operative society as an insurer.
R K Sharma
Joint Director
