The Insurance Regulatory and Development Authority of India (IRDAI), through a circular dated July 22, 2025, has clarified data maintenance requirements for Foreign Reinsurer’s branches (FRBs) and Lloyd’s India (including its Syndicates and service companies). Under Regulation 17 of the IRDAI (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority) Regulations, 2025, it is now mandated that all records collected by these entities must be maintained in India. This directive applies comprehensively to all forms of records, including those held electronically. The circular further emphasizes that FRBs and Lloyd’s India must adhere to all provisions stipulated within the aforementioned 2025 Regulations. This clarification aims to ensure that crucial information remains within the country’s jurisdiction, potentially enhancing oversight and regulatory control.
Insurance Regulatory and Development Authority of India
Circular Ref: IRDAI/SUP/CIR/MISC/84/7/2025 Dated: 22.07.2025
To all Foreign Reinsurer’s branches and Lloyd’s India (including its Syndicates and service companies)
Sub: Clarification on IRDAI (Maintenance of Information by the Regulated Entities and Sharing of information by the Authority) Regulations, 2025
By virtue of the powers conferred under Regulation 17 of IRDAI (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority), Regulations 2025, the following clarification is issued:
With reference to the proviso to the regulation 9 of the aforesaid regulations, it is clarified that Foreign Reinsurer’s branches and Lloyd’s India (including its Syndicates and service companies) when they collect such records, those records shall be maintained in India. This is applicable to every record including those maintained in electronic form.
It is further clarified that FRBs and Lloyd’s India (including its Syndicates and Service companies) shall comply with all the provisions stipulated under IRDAI (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority), Regulations 2025
(J. Meena Kumari)
ED (Supervision)
