ORDER NO. : IRDA/F&A/ORD/EMT/203/12/2010, DATED 8-12-2010
On the recommendation of the General Insurance Council vide letter dated November 22, 2010, the Authority hereby exercises powers vested under the proviso to section 40C(1) of the Insurance Act, 1938. In accordance therewith, the companies listed at Annexure shall be deemed to be not in violation of the requirements of 40C(1) of the Insurance Act, 1938 read with Rule 17E of the Insurance Rules, 1939 in the first five years of their operations, even if they exceed the prescribed limits.
The period of five financial years shall be in addition to the first partial financial year during which the individual insurer commences operations.
ANNEXURE
GENERAL INSURANCE COMPANIES DEEMED TO HAVE NOT CONTRAVENED THE PROVISIONS OF SECTION 40C(1) OF THE INSURANCE ACT, 1938 READ WITH RULE 17E OF THE INSURANCE RULES, 1939
| Sl. No. | Name of the Insurer | Date of Registration | Financial year of commencement of operations* | Five Full Financial Years |
| 1 | SBI General Insurance Company Ltd. | 15.12.2009 | 2009-10 | 2010-11 to 2014-15 |
| 2 | Max BUPA Health Insurance Company Ltd. | 15.2.2010 | 2009-10 | 2010-11 to 2014-15 |
* Operations for part of the year
