Sponsored
    Follow Us:
Sponsored

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

NOTIFICATION

Hyderabad, the 2nd December, 2016

Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (Second Amendment) Regulations, 2016

F. No. IRDA/Reg./24/136/2016.— In exercise of the powers conferred by section 3 read with 114A of the Insurance Act, 1938, and section 14 read with 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee hereby makes the following regulations, namely:

1. Short title and commencement.—(1) These regulations may be called the Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (Second Amendment) Regulations, 2016.

(2) They shall come into force on the date of their notification in the Official Gazette.

2. Regulation 16(c) – The following sentence may be deleted.

The minimum assigned capital shall be invested in accordance with the IRDA (Investment) Regulations, 2000 as amended from time-to-time.”

3. Regulation 2 8(2) – Assigned Capital – The following sentence may be deleted.

“This amount shall be invested in accordance with the IRDA (Investment) Regulations, 2000 as amended from time to time”

4. Regulation 2 8(5) – Outsourcing – The word “Investment” may be deleted.

5. Regulation 28(7) – Investment

a. The word “investible” may be replaced by the word “investment”

b. The following paragraph may be deleted

“For the purposes of these regulations, “Investible Assets” include the following:

a. Assets corresponding to the liabilities arising out of Indian reinsurance business or the amount of premium retained in the country of the Indian reinsurance business, whichever is higher, and

b. Margin of solvency computed in accordance with the solvency regulations issued by the Authority.”

T.S. VIJAYAN, Chairman

[ADVT. III /4/Exty./340/(161)]

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Sponsored
Search Post by Date
October 2024
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031