INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, the 21st January, 2019
Insurance Regulatory and Development Authority of India (Insurance Brokers) (First Amendment) Regulations,
2018
No. IRDAI/Reg/2/153/2019.— In exercise of the powers conferred by sections 42D, 42E and 1 14A of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority hereby makes the following regulations, namely: –
1. Short Title and Commencement of the Regulations:
a) These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) (First Amendment) Regulations, 2018.
b) They shall come into force on the date of publication in the official gazette.
2. In Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
a) Schedule II – Form R [see Regulation 20(2)] – Manner of calculation of equity capital held by foreign investors – Insert the following proviso under “Explanation” in clause (1)(b)(ii) (ii)
“Provided the Chairman, IRDAI may relax the condition of the Indian promoter not being a subsidiary company as defined in the above section of the Companies Act, 2013 subject to merits and conditions, considering the interest of the policyholders and overall growth and development of the insurance sector.”
Dr. SUBHASH C. KHUNTIA, Chairman
[ADVT. III/4/Exty/498/18]
