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Title: To the CEOs of Insurers
Reference No.: IRDAI/F&I/CIR/INV/172/08/2016
Date: 24/08/2016
IRDAI (Investment) Regulation,2016 - Reg.
The Authority had notified IRDAI (Investment) Regulations, 2016 vide file No IRDAI/Reg/22/134/2016 Dt. 1st August, 2016. As the Regulations mandate certain Systems and Process to be put in place, the IRDAI (Investment) Regulations, 2016 shall be effective from 31st Mar, 2017. Thus, Insurers shall report compliance to IRDAI (Investment) Regulations, 2016 in the regulatory periodical submissions from quarter ended 31st Mar, 2017
As reference to earlier Circulars and Guidelines issued prior to notification of IRDAI (Investment) Regulations, 2016 are based on the earlier Insurance Act, 1938 the Authority had made the necessary amendments to the Circulars and Guidelines issued earlier and have issued the annexed Investment - Master Circular on IRDAI (Investment) Regulations, which will serve as one stand point reference. The Master Circular covers all Operational, Procedural and Guidelines issued on the following lines:
1. Investment Category
2. Risk Management and Concurrent Audit
3. Valuation Guidelines
4. Operational Procedure
5. Disclosure and Reporting Norms
6. Fund Clearance Formats and Investment Category Codes
7. Circulars Covered
8. Circulars Discontinued
Insurers are hereby directed to place the Regulations, Investment - Master Circular on IRDAI (Investment) Regulations, 2016 before their Board in their next meeting and apprise their Board of the changes that have been brought in the Investment Regulations.
SN Jayasimhan
JD (Investments)
