Ref:Ref No :IRDAI/NL/RI/ RI Reg/
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (GENERAL INSURANCE-REINSURANCE) REGULATIONS, 2016.
IRDA (General Insurance-Reinsurance) Regulations, 2013, was notified on 7th February, 2013, stipulating various matters concerning reinsurance business transacted by the insurers/ reinsurers in India.
The Insurance Act 1938 has been amended. The Insurance Laws (Amendment) Act, 2015, permits Foreign Reinsurance companies and Lloyds to set up branch office in India. Health Insurance Business has also been identified as separate class of business.
The Authority has recently issued the IRDAI (Registration and Operation of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulation 2015 and currently is in the process of bringing out the IRDAI (Lloyd’s India) Regulation, 2015, to register and regulate these foreign branches.
It is therefore felt that the existing Reinsurance regulation needs to be amended to alignwith the amendments of the Insurance Act 1938, and the regulatory prescriptions made by the Authority with respect to Registration of Branch Office of Lloyds and other Foreign Reinsurers.
Accordingly, an exposure draft on IRDAI (General Insurance-Reinsurance) Regulations, 2016 has been framed. The same is attached herewith. All stakeholders are requested to review the attached exposure draft and forward their views / comments in the prescribed format (MS Word format) to the undersigned by e-mail at suresh [at] irda [dot] gov [dot] in and nmbehera [at] irda [dot] gov [dot] in. The comments/suggestions should reach the Authority by 14th February, 2016.
Sr. Joint Director
FORMAT FOR SUGGESTIONS ON
Exposure Draft on IRDAI (General Insurance-Reinsurance) Regulations, 2016
Change suggested by
(Name of Individual / Organisation)
? It is suggested that ONE Page may be used for one change.
? This will enable us to group all the suggestions and take a decision on the changes suggested
Regulation and Sub-Regulation No./ Para no.
Rationale for the comments/ Suggestions