INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
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.Online GST Certification Course by TaxGuru & MSME- Click here to Join
“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)]