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It may be recalled that IRDA vide Notification F.No. IRDA/Reg/5/47/2008 dated 30 th Jul, 2008 published the 4 th Amendment of Investment Regulations on 22 nd Aug, 2008 . Consequently the extant Guidelines / Circulars either require amendments / clarifications to give effect to the following amended regulations / changes.
| 1 | Category of Investments | (Existing Guideline No. INV/GLN/001/2003-04) |
| 2 | Market Value – for FORM-3A/FORM-3B | (Existing Guideline No. INV/GLN/003/2003-04) |
| 3 | Investment in Venture Fund | (Existing Circular No. INV/CIR/007/2003-04) |
| 4 | Investment in Mutual Funds | (Existing Guideline No. INV/GLN/004/2003-04) |
| 5 | Statement of Investment Reconciliation | (Existing Guideline No. INV/GLN/005/2003-04) |
| 6 | Equity Investment through IPOs | (Existing Circular No. INV/CIR/046/2004-05) |
| 7 | Investment in Perpetual Bonds | (Existing Circular No. IRDA/INV/CIR/005/2006-07) |
| 8 | Outsourcing of Investment Function |
|
| 9 | Investment in MBS, PTC & SRs | (New Guideline No. INV/GLN/009/2008-09) |
Points A to F (download the attachments) accordingly detail the changes under the respective aspect of investment management. The revised instructions would supersede the extant requirements stipulated in Circulars / Guidelines referred to therein. We further clarify that the points # 2, 3, 9 and 10 in Annexure II of Circular INV/CIR/008/2008-09 dated 22 nd Aug, 2008 are self explanatory and hence are not covered now.
We also refer to Circular INV/CIR/008/2008-09 dated 22 nd Aug, 2008 under Point # 1 Annexure II, where in IRDA had directed all insurers to file a compliance certificate of a Chartered Accountant not later than 1st week of Jan, 2009 to the effect that Investment Risk Management Systems and Process as per Annexure III of the above referred Circular are in place and are working effectively.
The Institute of Chartered Accountants of India, in consultation with IRDA, is in the process of issuing a technical guide to Chartered Accountants, to cover both Investment Operation and IT Systems. Insurers are advised to provide all the requisite information to the Chartered Accountants to facilitate an objective assessment for finalizing the compliance certificate.
/sd-
C R MURALIDHARAN
MEMBER
