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      • 1. Short title and commencement.
      • 2. Definitions.
      • 3.
      • 4.
      • 4A.
      • 5.
      • 6.
      • 7.
      • 8.
      • 9.
      • 10.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Form and procedure of appeal.
      • 4. Appeal to be in writing.
      • 5. Presentation and scrutiny of memorandum of appeal.
      • 6. Fee.
      • 7. Contents of memorandum of appeal.
      • 8. Documents to accompany memorandum of appeal.
      • 9. Plural remedies.
      • 10. Notice of appeal to the respondent.
      • 11. Filing of reply to the appeal and other documents by the respondent.
      • 12. Date of hearing to be notified.
      • 13. Hearing of appeal.
      • 14. Dress regulations for the representatives of the parties.
      • 15. Order to be signed and dated.
      • 16. Publication of orders.
      • 17. Communication of orders.
      • 18. Orders and directions in certain cases.
      • 19. Fee for inspection of records and obtaining copies thereof.
      • 20. Seal and emblem.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Inquiry by adjudicating officer.
      • 4. Manner of holding inquiry.
      • 5. Report of adjudicating officer.
      • 1. Short title, extent and commencement.
      • 2. Definitions.
      • 2A. Interpretation of certain words and expressions.
      • 2B. Appointment of Controller of Insurance.
      • 2C. Prohibition of transaction of insurance business by certain persons.
      • 2CA. Power of Central Government to apply provisions of this Act to Special Economic Zones.
      • 2CB. Properties in India not to be insured with foreign insurers except with the permission of Authority.
      • 2D. Insurers to be subject to this Act while liabilities remain unsatisfied.
      • 2E.
      • 3. Registration.
      • 3A. Payment of annual fee by insurer.
      • 3B. Certification of soundness of terms of life insurance business.
      • 4. Minimum limits for annuities and other benefits secured by policies of life insurance.
      • 5. Restriction on name of insurer.
      • 6. Requirement as to capital.
      • 6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares
      • 6AA.
      • 6B. Provision for securing compliance with requirements relating to capital structure.
      • 6C, 7, 8 & 9.
      • 6C. Conversion of company limited by shares into company limited by guarantee.
      • 7. Deposits.
      • 8. Reservation of deposits.
      • 9. Refund of deposit.
      • 10. Separation of accounts and funds.
      • 11. Accounts and balance sheet.
      • 12. Audit.
      • 13. Actuarial report and abstract.
      • 14. Record of policies and claims.
      • 15. Submission of returns.
      • 16.
      • 17.
      • 17A.
      • 18. Furnishing reports.
      • 19. Abstract of proceedings of general meetings.
      • 20. Custody and inspection of documents and supply of copies.
      • 21. Powers of Authority regarding returns.
      • 22. Powers of Authority to order revaluation.
      • 23. Evidence of documents.
      • 24. Summary of returns to be published.
      • 25. Returns to be published in statutory forms.
      • 26. Alterations in the particulars furnished with application for registration to be reported.
      • 27. Investment of assets.
      • 27A. Further provisions regarding investments.
      • 27B. Provisions regarding investments of assets of insurer carrying general insurance business.
      • 27C. Investment by insurer in certain cases.
      • 27D. Manner and condition of investment.
      • 27E. Prohibition for investment of funds outside India.
      • 28. Statement and return of investment of assets.
      • 28A. Return of investments relating to controlled fund and changes therein.
      • 28B. Returns of investments relating to the assets and changes therein.
      • 29. Prohibition of loans.
      • 30. Liability of directors, etc., for loss due to contravention of section 27, 27A, 27B, 27C, 27D or section 29.
      • 31. Assets of insurer how to be kept.
      • 31A. Provisions relating to managers, etc.
      • 31B. Power to restrict payment of excessive remuneration.
      • 32.
      • 32A. Prohibition of common officers and requirement as to wholetime officers.
      • 32B. Insurance business in rural or social sectors.
      • 32C. Obligations of insurer in respect of rural or unorganised sector and backward classes.
      • 32D. Obligation of insurer in respect of insurance business in third party risks of motor vehicles.
      • 33. Power of investigation and inspection by Authority.
      • 33A. Power to appoint staff.
      • 34. Power of the Authority to issue directions.
      • 34A. Amendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Authority.
      • 34B. Power of Authority to remove managerial persons from office.
      • 34C. Power of Authority to appoint additional directors.
      • 34D. Sections 34B and 34C to override other laws.
      • 34E. Further powers of Authority.
      • 34F. Power of Authority to issue directions regarding reinsurance treaties, etc.
      • 34G.
      • 34H. Search and seizure.
      • 35. Amalgamation and transfer of insurance business.
      • 36. Sanction of amalgamation and transfer by Authority.
      • 37. Statements required after amalgamation and transfer.
      • 37A. Power of Authority to prepare scheme of amalgamation.
      • 38. Assignment and transfer of insurance policies.
      • 39. Nomination by policyholder.
      • 40. Prohibition of payment by way of commission or otherwise for procuring business.
      • 40A.
      • 40B. Limitation of expenses of management in life insurance business.
      • 40C. Limitation of expenses of management in general, health insurance and reinsurance business.
      • 41. Prohibition of rebates.
      • 42. Appointment of insurance agents.
      • 42A. Prohibition of insurance business through principal agent, special agent and multilevel marketing.
      • 42D. Issue of registration to intermediary or insurance intermediary.
      • 42E. Condition for intermediary or insurance intermediary.
      • 43. Record of insurance agents.
      • 44.
      • 44A. Power to call for information.
      • 45. Policy not be called in question on ground of misstatement after three years.
      • 46. Application of the law in force in India to policies issued in India.
      • 47. Payment of money into Court.
      • 47A.
      • 48.
      • 48A. Insurance agent or intermediary or insurance intermediary not to be director in insurance company.
      • 48B. Further provision regarding directors.
      • 48C. Appointment of additional directors.
      • 49. Restriction on dividends and bonuses.
      • 50. Notice of options available to the assured on the lapsing of a policy.
      • 51. Supply of copies of proposals and medical reports.
      • 52. Prohibition of business on dividing principle.
      • 52A. When Administrator for management of insurance business may be appointed.
      • 52B. Powers and duties of the Administrator.
      • 52BB. Powers of Administrator respecting property liable to attachment under section 106.
      • 52C. Cancellation of contracts and agreements.
      • 52D. Termination of appointment of Administrator.
      • 52E. Finality of decision appointing Administrator.
      • 52F. Penalty for withholding documents or property from Administrator.
      • 52G. Protection of action taken under sections 52A to 52D.
      • 52H to 52N.
      • 52H. Power of Central Government to acquire undertakings of insurers in certain cases.
      • 52I. Power of Central Government to make scheme.
      • 52J. Compensation to be given to the acquired insurer.
      • 52K. Constitution of the Tribunal.
      • 52L. Tribunal to have powers of Civil Court.
      • 52M. Procedure of the Tribunal.
      • 52N. Special provisions for the dissolution of acquired insurers.
      • 53. Winding up by the Tribunal.
      • 53A. Unpaidup share capital.
      • 54. Voluntary winding up.
      • 55. Valuation of liabilities.
      • 56. Application of surplus assets of life insurance fund in liquidation or insolvency.
      • 57. Winding up of secondary companies.
      • 58. Scheme for partial winding up of insurance companies.
      • 59. Return of deposits.
      • 60. Notice of policy values.
      • 61. Power of Tribunal to reduce contracts of insurance.
      • 61A. Appeal to National Company Law Appellate Tribunal.
      • 62. Power of Central Government to impose reciprocal disabilities on nonIndian companies.
      • 63. Particulars to be filed by insurers established outside India.
      • 64. Books to be kept by insurers established outside India.
      • 64A. Incorporation of the Insurance Association of India.
      • 64B. Entry of names of members in the register.
      • 64C. Councils of Life Insurance and General Insurance.
      • 64D. Authorisation to represent in Councils.
      • 64E. Authorities of the Life Insurance Council and the General Insurance Council.
      • 64F. Executive Committees of the Life Insurance Council and the General Insurance Council.
      • 64G. Resignation and filling up of casual vacancies.
      • 64H. Duration and dissolution of Executive Committees.
      • 64I. Power of Executive Committee of Life Insurance Council to hold examinations for insurance agents.
      • 64J. Functions of Executive Committee of Life Insurance Council.
      • 64K. Executive Committee of Life Insurance Council may advise in controlling expenses.
      • 64L. Functions of the Executive Committee of General Insurance Council.
      • 64M. Executive Committee of General Insurance Council may advise in controlling expenses.
      • 64N. Power of the Executive Committees to act together in certain cases.
      • 64O. Power of General Insurance Council to regulate rates of insurance, etc.
      • 64P. Regional Councils.
      • 64Q. Functions of the Regional Councils.
      • 64R. General powers of Life Insurance Council and General Insurance Council.
      • 64S. Power of Central Government to remove difficulties.
      • 64T. Power to exempt.
      • 64U to 64UL.
      • 64U. Establishment of Tariff Advisory Committee.
      • 64UA. Composition of the Advisory Committee.
      • 64UB. Power to make rules in respect of matters in this Part.
      • 64UC. Power of the Advisory Committee to regulate rates, advantages, etc.
      • 64UD. Transitional provisions.
      • 64UE. Power of the Advisory Committee to require information, etc.
      • 64UF. Assets and liabilities of the General Insurance Council to vest in the Advisory Committee.
      • 64UG. Contracts, etc., to be effective by or against the Advisory Committee.
      • 64UH. Employees, etc., to continue.
      • 64UI. Duty of person having custody or control of property to deliver such property to the Advisory Committee.
      • 64UJ. Power of the Advisory Committee to constitute Regional Committees.
      • 64UK. Levy of fees by the Advisory Committee.
      • 64UL. Power to remove difficulties.
      • 64ULA. Transitional provisions.
      • 64UM. Surveyors or loss assessors.
      • 64V. Assets and liabilities how to be valued.
      • 64VA. Sufficiency of assets.
      • 64VB. No risk to be assumed unless premium is received in advance.
      • 64VC. Restrictions on opening of new place of business.
      • 65. Definition of "provident society"
      • 65A. Prohibition of transaction of insurance business by provident societies other than public companies or cooperative societies.
      • 66. Restrictions on provident societies.
      • 67. Name.
      • 68. Insurable interest.
      • 69. Dividing business.
      • 70. Registration.
      • 70A. Renewal of registration.
      • 70B. Supplementary information and reports of alterations in particulars furnished with application for registration.
      • 72. Working capital.
      • 73. Deposits.
      • 73A. Restriction on name of provident society.
      • 74. Rules.
      • 75. Amendment of rules.
      • 76. Supply of copy of rules.
      • 77. Registered office.
      • 78. Publication of authorised capital to contain also subscribed and paidup capital.
      • 79. Registers and books.
      • 80. Revenue account, balancesheet and annual statements.
      • 81. Actuarial report and abstract.
      • 82. Submission of returns to Authority.
      • 83. Actuarial examination of schemes.
      • 84. Separation of accounts and funds.
      • 85. Investment funds.
      • 86. Inspection of books.
      • 87. Inquiry by or on behalf of Authority.
      • 87A. Amalgamation and transfer of insurance business.
      • 88. Winding up by Court and voluntary winding up.
      • 89. Reduction of insurance contracts.
      • 90. Appointment of liquidator.
      • 90A. Application of Act to liquidators.
      • 91. Powers of liquidator.
      • 92. Procedure at liquidation.
      • 93. Dissolution of provident society.
      • 94. Nominations and assignments.
      • 94A. Insurance cooperative society to be an insurer.
      • 95. Definitions.
      • 96. Application of Act to Mutual Insurance Companies and Cooperative Life Insurance Societies.
      • 97. Working capital of Mutual Insurance Companies and Cooperative Life Insurance Societies.
      • 98. Deposits to be made by Mutual Insurance Companies and Cooperative Life Insurance Societies.
      • 98A. Prohibition of loans.
      • 99. Transferees and assignees of policies not to become members.
      • 100. Publication of notices and documents of Mutual Insurance Companies and Cooperative Life Insurance Societies.
      • 101. Supply of documents to members.
      • 101A. Reinsurance with Indian reinsurers.
      • 101B. Advisory Committee.
      • 101C. Examination of reinsurance treaties.
      • 102. Penalty for default in complying with, or act in contravention of, this Act.
      • 103. Penalty for carrying on insurance business in contravention of section 3.
      • 104. Penalty for contravention of sections 27, 27A, 27B, 27D and 27E.
      • 105. Wrongfully obtaining or withholding property.
      • 105A. Offences by companies.
      • 105B. Penalty for failure to comply with sections 32B, 32C and 32D.
      • 105C. Power to adjudicate.
      • 105D. Factors to be taken into account by the adjudicating officer.
      • 106. Power of Court to order restoration of property of insurer or compensation in certain cases.
      • 106A. Notice to and hearing of Authority.
      • 107. Previous sanction of AdvocateGeneral for institution of proceedings.
      • 107A. Chairman, etc., to be public servants.
      • 108. Power of Court to grant relief.
      • 109. Cognizance of offence.
      • 110. Appeal to Securities Appellate Tribunal.
      • 110A. Delegation of powers and duties of Chairperson of the Authority.
      • 110B. Signature of documents.
      • 110C. Power to call for information.
      • 110D. Certain claims for compensation barred.
      • 110E. Sections 3A, 27B, 28B, 33, etc., to apply to general insurance business of the Life Insurance Corporation of India.
      • 110F. Provisions applicable to State Governments, etc.
      • 110G. Constitution of Consultative Committee.
      • 110H. Appeals.
      • 110HA. Penalty to be recoverable as arrear of land revenue.
      • 111. Service of notices.
      • 112. Declaration of interim bonuses.
      • 113. Acquisition of surrender value by policy.
      • 114. Power of Central Government to make rules.
      • 114A. Power of Authority to make regulations.
      • 115. Alteration of forms.
      • 116. Power to exempt from certain requirements.
      • 116A. Summary of returns to be published.
      • 117. Saving of provisions of the Companies Act, 2013 (18 of 2013).
      • 118. Exemptions.
      • 118A. Powers of Authority not to apply to International Financial Services Centre.
      • 119. Inspection and supply of copies of published prospectus, etc.
      • 120. Determination of market value of securities deposited under this Act.
      • 121. Amendment of section 130, Act 4 of 1882
      • 122. Amendment of Schedule I, Act 9 of 1908
      • 123. Repeals.
      • 1. Short title and commencement.
      • 2.
      • 3. Application.
      • 4. Definitions.
      • 5. Council for Insurance Ombudsmen.
      • 6. Functions of the Council for Insurance Ombudsmen.
      • 7. Selection Committee for appointment of Insurance Ombudsman.
      • 7A. Qualification for appointment of Insurance Ombudsman.
      • 7B. Procedure and selection criteria for appointment of Insurance Ombudsman.
      • 8. Term of office of Insurance Ombudsman.
      • 9. Removal from office of Insurance Ombudsman.
      • 10. Remuneration, etc., of Insurance Ombudsman.
      • 11. Territorial jurisdiction of Insurance Ombudsman.
      • 12. Offices of Council for Insurance Ombudsmen and Insurance Ombudsman.
      • 13. Duties and functions of Insurance Ombudsman.
      • 14. Manner in which complaint to be made.
      • 15. Insurance Ombudsman to act fairly and equitably.
      • 16. Recommendations made by the Insurance Ombudsman.
      • 17. Award.
      • 18. Review of activities of Insurance Ombudsman.
      • 19. Advisory Committee.
      • 20. Recommendations to Central Government.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Procedure for Appointment of an Appointed Actuary.
      • 4. Effect of rejection of the application.
      • 5. Business Continuance.
      • 6. Transitory Provisions.
      • 7. Cessation of Appointment of Appointed Actuary.
      • 8. Powers of Appointed Actuary.
      • 9. Duties and obligations.
      • 10. Absolute Privilege of Appointed Actuary.
      • 11. Conflict of Interest.
      • 12. Applicability to reinsurance business.
      • 13. Power of the Authority to issue clarifications, etc.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Procedure for Appointment of an Appointed Actuary.
      • 4. Effect of rejection of the application.
      • 5. Carrying on business without Appointed Actuary.
      • 6. Cessation of Appointment of Appointed Actuary.
      • 7. Powers of Appointed Actuary.
      • 8. Duties and obligations.
      • 9. Conflict of interest.
      • 10. Obligations of the insurer.
      • 11. Applicability to reinsurance business.
      • 12. Power of the Authority to issue clarifications etc.
      • 1. Short Title and Commencement.
      • 2. Definitions.
      • 3. Applicability.
      • 4. Admissibility of Assets For The Purpose of Calculation of Solvency Margin.
      • 5. Determination of Amount of Liabilities.
      • 6. Determination of Solvency Margin.
      • 7. Business Outside India.
      • 8. Furnishing of Forms.
      • 9. Personal Visit of Appointed Actuary To The Authority.
      • 10. Repeal and Savings.
      • 11. Power of The Authority To Issue Clarifications Etc.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Registration and Scope of Health Insurance Business.
      • 4. Product Filing Procedure for health insurance products.
      • 5. Withdrawal of Health Insurance Product.
      • 6. Review of Health Insurance Products.
      • 7. Group Insurance.
      • 8. Underwriting.
      • 9. Proposal Form.
      • 10. Principles of Pricing of Health Insurance Products offered by Life, General and Health Insurers.
      • 11. Designing of Health Insurance Policies.
      • 12. Entry and Exit Age.
      • 13. Renewal of Health Policies issued by General Insurers and Health Insurers (not applicable for travel and personal accident policies).
      • 14. Free Look Period.
      • 15. Manner of treating Cost of preinsurance health check up by Life, General and Health Insurers.
      • 16. Cumulative bonus.
      • 17. Migration of health insurance policy (not applicable for Travel and Personal Accident policies).
      • 18. AYUSH Coverage.
      • 19. Wellness and Preventive aspects.
      • 20. Standard Definition of terms in health insurance policies.
      • 21. Standard Nomenclature and Procedures for Critical Illnesses.
      • 22. Optional Coverage for Certain Items.
      • 23. Special Provisions for Senior Citizens.
      • 24. Multiple Policies.
      • 25. Loadings on Renewals.
      • 26. Protection of Policyholders' Interest.
      • 27. Settlement/Rejection of claim by insurer.
      • 28. Minimum Disclosures in Policy Document.
      • 29. Other Disclosures.
      • 30. Administration of Health Policies.
      • 31. Health Services Agreements.
      • 32. Payments to Network Providers and Settlement of Claims of Policyholders.
      • 33. Engagement of Services of TPAs by Insurers in relation to Health Insurance Policies.
      • 34. Change of TPAs by Insurers for servicing of Health Insurance Policies.
      • 35. Data and related issues.
      • 36. Systems to be in place to mitigate Frauds.
      • 37. Submission of Returns to the Authority.
      • 38. Repeal and Savings.
      • 39. Removal of difficulties.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Categories of the Insurance brokers.
      • 4. Functions of an Insurance Broker.
      • 5. Submission of Application for grant of certificate of registration.
      • 6. Application to conform to the requirements.
      • 7. Furnishing of information, clarification and personal representation.
      • 8. Consideration of application.
      • 9. Payment of fees and the consequences of failure to pay fees.
      • 10. Procedure for issuance of Certificate of Registration.
      • 11. Validity of Certificate of Registration.
      • 12. Rejection of Application.
      • 13. Conditions of grant of registration to Insurance Broker.
      • 14. Renewal of Certificate of Registration.
      • 15. Procedure where a renewal of certificate of registration is not issued.
      • 16. Effect of refusal to issue certificate of registration.
      • 17. Issue of a duplicate certificate of registration.
      • 18. Nomenclature of Insurance Brokers.
      • 19. Capital Requirement.
      • 20. Manner of calculation of equity capital held by foreign investors.
      • 21.
      • 21A. Foreign Investment.
      • 22. Networth requirements.
      • 23. Deposit requirements.
      • 24. Professional indemnity insurance.
      • 25. Ownership and control of shares.
      • 26. Remuneration and reward to be received by an Insurance Broker from an insurer.
      • 27. Risk Management Services.
      • 28. Claim Consultancy.
      • 29. Board Approved Policy for comparison and distribution of insurance products.
      • 30. Code of conduct for Insurance brokers.
      • 31. Internal control and systems.
      • 32. Cobroking.
      • 33. Segregation of insurance money.
      • 34. Maintenance of books of account, records, etc.
      • 35. Ceiling on business from single client.
      • 36. Outsourcing of activities by insurance broker.
      • 37. Single broking registration to one corporate group and dealings with Group companies.
      • 38. Reinsurance / Composite brokers sharing of Brokerage with a foreign broker for the placement of risks.
      • 39. Filing of Returns.
      • 40. Disclosures to the Authority.
      • 41. Amalgamation and Transfer of business.
      • 42. Authority's power to inspect.
      • 43. Appointment of investigator by the Authority.
      • 44. Sale of Insurance Online.
      • 45. Sale of Insurance by telemarketing mode.
      • 46. Sale of Insurance through distance marketing mode.
      • 47. Action against a person acting as an insurance broker without a valid certificate of registration.
      • 48. Penalty for certain violations / breaches.
      • 49. Suspension or Cancellation of certificate of registration with notice.
      • 50. Suspension or Cancellation of certificate of registration without notice.
      • 51. Publication of order of suspension.
      • 52. Manner of holding of enquiry after suspension of certificate of registration of the insurance broker.
      • 53. Action to be taken after the receipt of the enquiry report.
      • 54. Procedure for Cancellation of certificate of registration.
      • 55. Publication of order on cancellation of certificate of registration.
      • 56. Effect of cancellation of certificate of registration.
      • 57. Voluntary Surrender of certificate of registration.
      • 58. Repeal and Savings.
      • 59. General.
      • 1. Short Title and commencement.
      • 2. Definitions.
      • 3. Application for grant of Certificate of Registration.
      • 4. Grant of Registration to the CPSCSPV.
      • 5. Period of Validity of Registration of the CPSCSPV.
      • 6. Procedure for the Renewal of Registration of CPSCSPV.
      • 7. Issue of a duplicate certificate of registration.
      • 8. Persons engaged for solicitation.
      • 9. Enabling Registration of Insurance Business by RAP and VLEIns.
      • 10. Functions of CPSCSPV.
      • 11. Functions and Obligations of RAP and VLEIns.
      • 13. Products allowed under CPSC Model.
      • 14. Agreement between CPSCSPV and the Insurer.
      • 15. Obligations of Insurer.
      • 16. Reports to be submitted to the Authority.
      • 17. Power of Authority to inspect.
      • 18. Procedure for disciplinary proceeding.
      • 19. Suspension or Cancellation of Registration of CPSCSPV; Certificate of RAP and VLEIns.
      • 20. Power of the Authority to issue clarifications.
      • 21. Amendment of Insurance Regulatory and Development Authority of India (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016.
      • 22. Savings clause.
      • 1. Short title, commencement and application.
      • 2. Definitions.
      • 3. Application for, and matters relating to, grant of license to individual Surveyors and Loss Assessors.
      • 4. Application for grant of fresh Corporate Surveyor and Loss Assessor License and related matters.
      • 4A. Foreign Investment.
      • 5. Fee Structure.
      • 6. Application for grant of renewal license (Individual/ Corporate Surveyor and Loss Assessor) and related matters.
      • 7. Procedure where application for grant of license is rejected.
      • 8. Procedure where application for renewal of license is refused.
      • 9. Issue of Duplicate License.
      • 10. Constitution.
      • 11. Functions of the Committee.
      • 12. Appointment of Surveyors and Loss Assessors.
      • 13.
      • 14.
      • 15. Functions of the Institute.
      • 16.
      • 17.
      • 18.
      • 19. Register of Licensed Insurance Surveyors and Loss Assessors.
      • 20. Submission of returns by Surveyor and Loss Assessor.
      • 21. Submission of Reports by Insurers.
      • 22. Inspection.
      • 23. Suspension of license.
      • 24. Cancellation of license.
      • 25. Procedure for suspension and cancellation of license.
      • 25A. Voluntary Surrender of Licence.
      • 26. Power to clarify.
      • 27. Qualification Requirement for Licensed Surveyors and Loss Assessors.
      • 28. Power to Frame Guidelines.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Eligibility criteria for certificate of registration of the Insurance Web Aggregator.
      • 4. Application seeking grant of certificate of registration.
      • 5. Application to conform to the requirements.
      • 6. Furnishing of information, clarification and personal representation.
      • 7. Consideration of application for Insurance Web Aggregator.
      • 8. Requirements of Capital and networth.
      • 8A. Foreign Investment.
      • 9. Procedure for Grant of Certificate of registration.
      • 10. Conditions for grant of certificate of registration.
      • 11. Validity of certificate of registration.
      • 12. Rejection of application.
      • 13. Renewal of Registration of Insurance Web Aggregator.
      • 14. Procedure where renewal of registration is not granted .
      • 15. Effect of refusal to renew certificate of registration.
      • 16. Issue of duplicate certificate of registration.
      • 17. Board Approved Policy for comparison and distribution of insurance products.
      • 18. Professional indemnity insurance.
      • 19. Change in name of an Insurance Web Aggregator.
      • 20. Arrangements with insurers for distribution of products.
      • 21. Conflict of interest.
      • 22. Maintenance of books of account, records, etc.
      • 23. Disclosures to the Authority.
      • 24. Action against a person acting as an Insurance Web Aggregator without a valid registration.
      • 25. Authorised Verifier.
      • 26. Display of product comparisons on Insurance Web Aggregator website.
      • 27. Transmission of leads by Insurance Web Aggregator to the Insurers.
      • 28. Sale of Insurance Online by Insurance Web Aggregators.
      • 29. Sale of Insurance by telemarketing mode and other distance marketing activities of an Insurance Web Aggregator.
      • 30. Remuneration to the Insurance Web Aggregator.
      • 31. Duties and Functions of Insurance Web Aggregator.
      • 32. Conduct of business of Insurance Web Aggregator.
      • 33. Procedure for Disciplinary Proceedings against the Insurance Web Aggregator.
      • 34. Action against the Insurance Web Aggregator.
      • 35. Penal Provision.
      • 36. Action against the Insurer.
      • 37. Power of Authority to Inspect.
      • 38. Power of the Authority to issue clarifications.
      • 39. Voluntary Surrender of Certificate of registration.
      • 40. Certification of Compliance.
      • 41. Repeal and Savings.
      • 42. General.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Prior Written Approval by the Authority.
      • 4. Manner and Procedure.
      • 5. Consideration of application.
      • 6. Approval of the Authority.
      • 7.
      • 8. Timelines for approval by the Authority.
      • 9. Validity of Approval.
      • 10. Power to issue Direction.
      • 11. Power to remove difficulties and issue clarifications.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Prior Written Approval by the Authority.
      • 4. Manner and Procedure.
      • 5. Consideration of application.
      • 6. Approval of the Authority.
      • 7.
      • 8. Timelines for approval of the Authority.
      • 9. Validity of Approval.
      • 10. Power to issue Direction.
      • 11. Power to remove difficulties and issue clarifications.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Constituents of Lloyd's India include.
      • 4.
      • 5.
      • 6.
      • 7. Procedure for registration for Lloyd's India.
      • 8. Requisition for registration application.
      • 9. Eligibility criteria.
      • 10. Requisition for Registration Application.
      • 11.
      • 12. Furnishing of further information and clarification, etc.
      • 13. Consideration of requisition for registration application.
      • 14. Rejection of requisition for registration application.
      • 15. Application for registration.
      • 16. Consideration of Application.
      • 17. Rejection of application for registration.
      • 18. Manner of payment of fee for registration.
      • 19. Grant of certificate of registration.
      • 20. Conditions governing the approval of Lloyd's India.
      • 21. Time Limit.
      • 22. Member of Lloyd's India.
      • 23. Norms for establishing Service Companies of Lloyd's India.
      • 24. Procedure for registration of service company for Lloyd's India.
      • 25. Undertakings to be completed by service company for Lloyd's India.
      • 26. Consideration of application to become a service company of Lloyd's India.
      • 27. Conditions governing service companies of Lloyd's India.
      • 28. Rejection of application or revocation of certificate of registration for a service company of Lloyd's India.
      • 29. Renewal of certificate of registration for a service company of Lloyd's India.
      • 30. Surrender of certificate of registration of a service company of Lloyd's India.
      • 31. Procedure for syndicates participating in Lloyd's India.
      • 32. Consideration of application to underwrite in Lloyd's India.
      • 33. Conditions governing approval to operate as a syndicate in Lloyd's India.
      • 34. Renewal of certificate of registration to underwrite in Lloyd's India.
      • 35. Surrender of certificate of registration to underwrite in Lloyd's India.
      • 36. Norms for becoming an Insurance broker placing risks with Lloyd's India.
      • 37. Annual fee.
      • 38.
      • 39. Manner of payment of fee.
      • 40. Issue of duplicate certificate.
      • 41. Renewal fee.
      • 42. Manner of payment of renewal fees.
      • 43. Issue of duplicate certificate.
      • 44. Suspension or cancellation of certificate.
      • 45. Manner of making order of suspension or cancellation of certificate.
      • 46. Manner of holding enquiry before suspension or cancellation.
      • 47. Showcause notice and order.
      • 48. Effect of suspension or cancellation of certificate.
      • 49. Publication of order.
      • 50. Operational issues pertaining to Lloyd's India.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3.
      • 4.
      • 5.
      • 6.
      • 7.
      • 8.
      • 9.
      • 10. Power to remove difficulties.
      • 1. Short Title, Commencement & Applicability.
      • 2. Objective.
      • 3. Definitions.
      • 4.
      • 5.
      • 6.
      • 7.
      • 8.
      • 9.
      • 10.
      • 11.
      • 12.
      • 13.
      • 14.
      • 15.
      • 16.
      • 17.
      • 18.
      • 19.
      • 20.
      • 21.
      • 22.
      • 23. Checks and Other Verifications.
      • 24. Board Approved Policy on Record Maintenance.
      • 25. Removal of Difficulties.
      • 1. Short title and commencement.
      • 2. Objective.
      • 3. Definitions.
      • 4. Product Structures.
      • 5. Par Products.
      • 6. Nonpar products.
      • 7.
      • 8.
      • 9. Minimum Death Benefit.
      • 10.
      • 11. Minimum Policy Term.
      • 12. Premium Payment Term.
      • 13. Commission, Remuneration and Expenses.
      • 14. General Provisions with Respect to Pension Products.
      • 15. Surrender Value and Options on Surrender or Vesting.
      • 16. Options to the Nominee on Death of the Policyholder.
      • 17. Group Savings NonLinked Pension Products.
      • 18. Annuity Products.
      • 19. Group NonLinked Products.
      • 20. Acquisition of Surrender Value.
      • 21. Special Surrender Value.
      • 22. Renewal Premium in advance.
      • 23. Level Premium.
      • 24.
      • 25.
      • 26.
      • 27.
      • 28.
      • 29.
      • 30. Misleading Names.
      • 31. Approval of Innovative products.
      • 32. Financial Viability of the Products.
      • 33. Benefit Disclosure.
      • 34. With Profit Committee.
      • 35. Market Value adjustment.
      • 36.
      • 37. Action in Case of Default.
      • 38. Power to Issue Clarifications.
      • 39. Repeal and Savings.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Qualification for "Other Forms of Capital.
      • 4. Conditions for issue of "Other Forms of Capital.
      • 5. Prior Approval.
      • 6. Reporting requirements.
      • 7. Classification in the Balance Sheet.
      • 8. Disclosure.
      • 9. Call Back of Instruments.
      • 10.
      • 11. Subscribers to the Instruments.
      • 12. Investment by an Insurer in "Other Forms of Capital" of another insurer.
      • 13. Grant of Loans against the Instruments.
      • 14. Limit for Other Forms of Capital.
      • 15. Amortization of the instruments for the purpose of computing solvency.
      • 16. Responsibility of the Board of the Insurer.
      • 17. Power to Remove Difficulties and Issue Clarifications.
      • 18. Repeal and Savings.
      • 1. Short Title and Commencement of the Regulations.
      • 2. Definitions.
      • 3. Scope.
      • 4. Applicability.
      • 5. Commission to Individual Insurance agents, remuneration to insurance intermediary.
      • 6. Reward to individual insurance agent or insurance intermediary by insurers.
      • 7. Return on payment of Commission, remuneration and reward by the insurer.
      • 8. Penalties.
      • 9. Power of the Authority to issue clarifications etc.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Objective.
      • 4. Term of Office.
      • 5. Resignation and filling of casual vacancies.
      • 6. Procedure for conduct of the meeting of the Committee.
      • 7. Allowances payable to Members.
      • 8. Repeal and Savings.
      • 9. Power of the Authority.
      • 1. Short title, commencement and applicability.
      • 2. Definitions.
      • 3. Reinsurance Programme.
      • 4. Cross Border Reinsurer (CBR).
      • 5. Procedures for Reinsurance placements.
      • 6. Cession limits.
      • 7. Domestic Insurance Pools.
      • 8. Alternative Risk Transfer (ART).
      • 9. Inward Reinsurance Business.
      • 10. Submission of Information.
      • 11. Repeal and Savings.
      • 12. Power of the Authority.
      • 1. Short Title and Commencement of the Regulations.
      • 2. Definitions.
      • 3. Scope and applicability of these Regulations.
      • 4. Application for grant of registration.
      • 5. Application to conform to the requirements.
      • 6. Furnishing of information, clarification and personal representation.
      • 7. Consideration of application.
      • 8. Requirements of Capital.
      • 8A. Foreign Investment.
      • 9. Procedure for Registration.
      • 10. Validity of registration.
      • 11. Renewal of registration.
      • 12. Procedure where a registration is not granted.
      • 13. Effect of refusal to grant registration.
      • 14. Conditions of grant of registration to Corporate Agent.
      • 15. Issue of duplicate certificate of registration.
      • 16. Action against a person acting as a corporate agent without a valid registration.
      • 17. Payment of fees and the consequences of failure to pay fees.
      • 18. Remuneration.
      • 19. Requirement of Professional Indemnity Insurance Policy.
      • 20. Board Approved Policy for Open Architecture.
      • 21. Conflict of interest.
      • 22. Disclosures to the Authority.
      • 23. Arrangements with insurers for distribution of products.
      • 24. Servicing of policyholders.
      • 25. Sale of Insurance by telemarketing mode and distance marketing activities of a corporate agent.
      • 26. Code of conduct for Corporate Agents.
      • 27. Inspection of Corporate Agent.
      • 28. Suspension, Cancellation or surrender of Registration made to a Corporate Agent
      • 29. Change in ownership and/or shareholding, name of a Corporate Agent.
      • 30. Maintenance of Records.
      • 31. Maintenance of books of account, records, etc.
      • 32. Power of the Authority to issue clarifications etc.
      • 33. General.
      • 1. Objective, Short title and Commencement.
      • 2. Definitions.
      • 3. Permissible Classes of Insurance Business.
      • 4. Disqualifications for Applicant.
      • 5. Procedure for registration.
      • 6. Compliance Requirement.
      • 7. Manner of calculation of equity capital held by foreign promoter and foreign investor.
      • 8. Requirement of Resident Indian citizenship for Directors, Key Management Persons, etc.
      • 9. Requirements for foreign investment exceeding fortynine percent.
      • 10. Annual Fee.
      • 11. Issue of duplicate certificate.
      • 12. Suspension or Cancellation of Certificate of Registration.
      • 13. Power to issue clarifications.
      • 14. Interpretation.
      • 15. Repeal and Savings.
      • 1. Short Title and Commencement of the Regulations.
      • 2. Definitions.
      • 3. Scope and applicability of these Regulations.
      • 4. Application for grant of Registration to Insurance Marketing Firm.
      • 5. Consideration of application and eligibility criteria for Insurance Marketing Firm.
      • 6. Capital Requirements of Insurance Marketing Firm.
      • 6A. Foreign Investment.
      • 7. Principal Officer of the Insurance Marketing Firm.
      • 8. Certification for ISP and FSE of the Insurance Marketing Firm.
      • 9. Requirement of Professional indemnity insurance for Insurance Marketing Firm.
      • 10. Grant of Registration to Insurance Marketing Firm.
      • 11. Conditions of grant of registration to Insurance Marketing Firm.
      • 12. Period of validity of registration of the Insurance Marketing Firm.
      • 13. Rejection of an application.
      • 14. Procedure for the Renewal of Registration of Insurance Marketing Firm.
      • 15. Procedure where renewal of registration is not granted to Insurance Marketing Firm.
      • 16. Effect of refusal to grant renewal of registration to Insurance Marketing Firm.
      • 17. Issue of a duplicate certificate of registration to Insurance Marketing Firm.
      • 18. Action against a person acting as an insurance marketing firm without a valid registration.
      • 19. Remuneration, Engagement of Sales Persons, Area of operation applicable to the Insurance Marketing Firms.
      • 20. Duties & Obligations of Insurance Marketing Firm.
      • 21. Handling of customer grievances and complaints by Insurance Marketing Firm.
      • 22. Inspection of Insurance Marketing Firm.
      • 23. Procedure for disciplinary proceeding.
      • 24. Suspension, Cancellation or surrender of Registration made to Insurance Marketing Firm.
      • 25. Change in ownership/ shareholding of Insurance Marketing Firm.
      • 26. Maintenance of Records.
      • 27. Reports to be submitted to the Authority by the Insurance Marketing Firm:.
      • 28. Power of the Authority to issue clarifications etc.
      • 29. General.
      • 1. Short Title and commencement.
      • 2. Objectives.
      • 3. Definitions.
      • 4. Categories of application.
      • 5. Application for grant of permission for promoting innovation in insurance in India.
      • 6. Conditions for Grant of permission.
      • 7. Revocation of permission.
      • 8. Extension of first permission.
      • 9. Internal monitoring, review and evaluation of systems and controls.
      • 10. Review of proposal approved by the Authority.
      • 11. Conclusion of the proposal.
      • 12. Power of the Authority to grant relaxation from the provisions of any Regulations to an applicant in the Regulatory Sandbox.
      • 13. Further powers of the Authority.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Health services by TPA.
      • 4. Applicability of these regulations.
      • 5. Compulsory registration for Health services by TPA.
      • 6. Minimum Capital and Net Worth Requirements.
      • 6A. Foreign Investment.
      • 7. Application for grant of Certificate of Registration as TPA.
      • 8. Conditions for grant of Certificate of Registration.
      • 9. Grant of Certificate of Registration.
      • 10. Refusal for grant of Certificate of Registration.
      • 11. Requirement of qualification, training and passing of examination.
      • 12. Issue of a duplicate Certificate of Registration.
      • 13. Transfer of shares or ownership.
      • 14. Minimum Business Requirements.
      • 15. Renewal of Certificate of Registration.
      • 16. Revocation, Suspension, Cancellation or denial of renewal of Certificate of Registration granted to a TPA.
      • 17. Voluntary Surrender of Certificate of Registration.
      • 18. Effect of and action on Revocation, Suspension, Cancellation, voluntary surrender or denial of renewal of Certificate of Registration.
      • 19. Maintenance of books of account, records, and confidentiality of information, submission of annual report to Authority.
      • 20. Health Service Agreements.
      • 21. General guidelines to TPA in respect of services in relation to Health Insurance Policies.
      • 22. Servicing of Foreign Travel Policies, NonInsurance Health care Schemes.
      • 23. Code of Conduct for TPAs.
      • 24. Authority's power to inspect.
      • 25. General.
      • 26. Repeal and Savings.
      • 27. Power of the Authority to issue clarifications etc.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Registration of Transfer.
      • 4. Application for Transfer.
      • 5. Declaration on Beneficial Shareholding.
      • 6. Due Diligence.
      • 7. Indian Promoters.
      • 8. Foreign Investors.
      • 9. Ceiling on holdings of Indian Investors.
      • 10. Interpretation.
      • 1. Short title and commencement.
      • 2. Objective.
      • 3. Definitions.
      • 4. Unit Linked Insurance Products.
      • 5. Benefit payable on death and benefits offered under the Health Cover.
      • 6. Guarantees on policy benefits.
      • 7. Minimum Policy Term.
      • 8. Premium Payment Term.
      • 9.
      • 10. Discontinuance of the policy during lockin period.
      • 11. Revival of a Discontinued Policy during lockin Period.
      • 12. Segregated Discontinued Policy Fund.
      • 13. Minimum Guaranteed Interest Rate.
      • 14. Discontinuance of Policy after the lockinPeriod.
      • 15. Revival of a discontinued Policy after lockin Period.
      • 16. Surrender Value.
      • 17. Topup Premium.
      • 18. Partial Withdrawals.
      • 19. Settlement Options under Unit Linked Insurance Products.
      • 20. General Provisions with respect to Pension Products.
      • 21. Surrender Value and Options on Surrender.
      • 22. Options on Vesting.
      • 23. Options to the Nominee or Beneficiary on death of the policyholder.
      • 24. Group Unit Linked Pension Products.
      • 25. For the purpose of Pension Products under this Chapter.
      • 26. Charges.
      • 27. The charges levied under the Unit Linked insurance products shall be.
      • 28. Other conditions on Charges.
      • 29. Difference between Gross Yield and Net Yield for all Unit Linked insurance products.
      • 30. Computation of Net Yield for demonstration in product filing documents.
      • 31. Customized Benefit Illustration.
      • 32. Group Unit Linked insurance products.
      • 33. Computation of NAV.
      • 34. Segregated funds.
      • 35. Asset Allocation under each fund.
      • 36.
      • 37. Level Premiums.
      • 38. Misleading names.
      • 39. Allotment of Units under Unit Linked insurance products.
      • 40. Series or Tranche of Funds under Unit Linked insurance products.
      • 41. Loans.
      • 42. Market Value adjustment.
      • 43. Renewal Premium in advance.
      • 44. Unit Linked Health Insurance Products.
      • 45. Approval of Innovative products.
      • 46. Financial Viability of the Products.
      • 47. Disclosure Norms.
      • 48.
      • 49.
      • 50. Action in case of Default.
      • 51. Power to issue clarifications.
      • 52. Repeal and Savings.
      • 1. Short title
      • 2. Definitions
      • 3. Qualifications of actuaries
      • 4.
      • 5. Deposits with the Bank
      • 6. Changes in deposits
      • 7. Maturing of deposits
      • 8. Interest and dividends on deposits
      • 9. Withdrawals, etc., of deposits
      • 10. Information as regards deposits
      • 10-A. Pakistan securities
      • 10-B. Assets deemed to be approved investments
      • 10-C. Returns of investments and changes in investments
      • 10-D. Charging assets
      • 11. Prospectuses and tables
      • 12. Proposal Forms
      • 12-A. List of insurers
      • 12-B. Constituencies of insurers
      • 12-C. Duties of Dissolved Executive Committees
      • 12-D. Joint Meetings of Executive Committees
      • 13. Qualifications of elected directors of insurance companies
      • 14. Election of directors under section 48
      • 15. Period of office of directors and filling of vacancies
      • 16. License fee for insurance agents and collection thereof
      • 16-A. Issue of licenses to insurance agents
      • 16-B. Bona fide insurance agents for the purposes of section 41
      • 16-C. Fee for principal, chief and special agents
      • 16-D. Issue of certificates to principal, chief and special agents
      • 16-E. Issue of duplicate licenses and certificates
      • 16-F. Description of stamp
      • 16-G. Allowance for unused stamps
      • 16-H. Cancellation of licenses or certificates
      • 17. Declaration as to the nature of ownership of shares
      • 17-A. Declaration as to beneficial interest in shares
      • 17-AA. Form for declaration
      • 17-B. Disposal of shares by Administrator-General
      • 17-C. Statement of the bases of premiums
      • 17-D. Limitation of expenses of management in life insurance business
      • 17-E. Limitation of expenses of management in general insurance business
      • 17-F. Head office expenses
      • 17-FA. Principal office expenses
      • 17-FB. Calculation of proper share of managerial expenses
      • 17-G. Action against Extravagant Life Insurers
      • 17-H. Action against Extravagant General Insurers
      • 18. Transaction of bond investment business
      • 19. Rules of Provident Societies
      • 19A. 19-A
      • 20. Forms of accounts and statements
      • 21. Actuarial reports
      • 22. Signatures of returns furnished by Provident Societies
      • 23. Notices under section 92(6)
      • 23-A. Security from Liquidator
      • 24. Fees under the Act and the manner of collection
      • 24-A. Fees payable on referring disputed claims to Controller
      • 24-B. Fees payable to the Councils
      • 25. Additional particulars to be given by actuary
      • 25A. 25-A
      • 26. Form of declaration under section 16(2)( d )
      • 27. Returns in respect of dividing insurance business
      • 28. 28
      • 29. 29
      • 30. Activities of insurers
      • 31. Statement of emoluments
      • 32. Payment where nominee is a minor
      • 33. Summary of balance-sheet and revenue account
      • 34. Term of office
      • 35. Resignation and filling of casual vacancies
      • 36. Secretary
      • 37. Procedure for the conduct of business, etc., of the Committee
      • 38. Allowances payable to members of the Advisory Committee
      • 39. Minimum information to be maintained and the checks and other verifications to be adopted
      • 40. Search and seizure
      • 41. Constitution
      • 42. 42
      • 43. Election of members
      • 53. The fees payable to the Tariff Advisory Committee
      • 53-A. Fund of the Tariff Advisory Committee and custody of its moneys
      • 53-B. Accounts, audit and annual report of the Tariff Advisory Committee
      • 54. Apportionment of Provident Fund
      • 55. License fee for surveyor or loss assessors and collection thereof
      • 56. Issue of licenses to surveyor or loss assessors
      • 56-A. Additional technical qualifications for surveyors and loss assessors
      • 57. Manner of bringing up the excess of the value of assets over the amount of the liabilities to the relevant amount
      • 58. Advance payment of premiums
      • 59. Relaxation
      • 60. Term of office
      • 61. Resignation and filling of casual vacancies
      • 62. Secretary
      • 63. Procedure for the conduct of business of the Committee
      • 64. Allowances payable to members of the Consultative Committee
      • 65. Fees of members
      • 1. Short title
      • 2. Application
      • 3.
      • 4. Definition
      • 5. Governing body of Insurance Council
      • 6. Ombudsman
      • 7. Term of office
      • 8. Removal from office
      • 9. Remuneration, etc., of Ombudsman
      • 10. Territorial Jurisdiction of Ombudsman
      • 11. Staff
      • 12. Power of Ombudsman
      • 13. Manner in which complaint is to be made
      • 14. Ombudsman to act fairly and equitably
      • 15. Recommendations made by the Ombudsman
      • 16. Award
      • 17. Consequences of non-acceptance of award
      • 18. Power to make ex gratia payment
      • 19. Advisory Committee
      • 20.
      • 21. Recommendation of the Insurance Council
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Election Procedure.
      • 4. Resignation, automatic cessation and filling of casual vacancies.
      • 5. Procedure for the conduct of business of the Committee.
      • 6. Decision by circulation.
      • 7. Formation of Technical Committees.
      • 8. Minutes of meetings.
      • 9. Travelling and daily allowance.
      • 10. Information to the press.
      • 11. Functions of the Committee.
      • 12. Disputes.
      • 13. Savings.

Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018

Published vide Notification F. No. IRDAI/Reg/4/151/2018, dated 30.11.2018

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F. No. IRDAI/Reg/4/151/2018. - In exercise of the powers conferred by section 114A of the Insurance Act, 1938, read with sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations -

1. Short title, commencement and applicability. - 1. These regulations shall be called the "Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018".

2. These regulations shall come into effect from 1st January, 2019.

3. These Regulations shall be applicable to Insurers as defined under Section 2 (9) of the Act, International Financial Services Centre (IFSC) Insurance Office (IIO) and Exempted Insurers as defined under Section 118(c) of the Act.

2. Definitions. - In these regulations, unless the context otherwise requires:

1. 'Act' means the Insurance Act,1938 (4 of 1938);

2. 'Alternative Risk Transfer', hereinafter called by acronym 'ART', (which is also called 'Financial Re-insurance' in life re-insurance business) means non-traditional structured Re-insurance solutions that are tailored to specific needs and profile of an insurer or re-insurer;

3. 'Authority' means the Insurance Regulatory and Development Authority of India established under sub-section (1) of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

4. 'Board' for the purpose of these regulations means-

A. The Board of Directors of (a) the Indian Insurers other than IIOs writing direct insurance business, (b) Indian Re-insurers and (c) Service Companies of Lloyd's India;

B. The Executive Committee, of Foreign Re-insurers' Branches (FRBs) and International Financial Service Centre Insurance Offices (IIOs), duly authorized by the Board of Directors of their applicant companies;

C. The Head of the insurance division or department of exempted insurers;

5. 'Cedant' means an Indian Insurer who underwrites direct insurance business and contractually transfers (cedes) a portion of the risk;

6. 'Cession' means the part of risk passed to a Re-insurer by the cedant;

7. 'Cover Note' is a written document, detailing the terms and conditions of the Re-insurance contract, issued by an Indian Insurer writing re-insurance business or a CBR or a Re-insurance broker authorized by the Re-insurer;

8. 'Cross Border Re-insurer', hereinafter called by acronym 'CBR', means a foreign re-insurer including Lloyd's Syndicates, whose place of business is established outside India and which is supervised by its home country regulator. Cross Border Re-insurer includes:

A. Parent or Group companies of the FRBs;

B. Parent or Group companies of the IIOs;

9. 'Exempted Insurer' means a person or classes of persons carrying on insurance business under Section 118(c) of the Act;

10. "Facultative Reinsurance" means reinsurance for a single risk or a defined package of risks, where neither the cedant is obliged to submit these risks to the reinsurer nor the reinsurer is obliged to provide reinsurance protection;

11. 'Financial Year' means the period as defined under Section 2 (41) of the Companies Act, 2013;

12. 'Foreign Re-insurer's Branch', hereinafter called by acronym 'FRB', means a branch of a Foreign Company engaged in re-insurance business, who has been granted certificate of registration by the Authority under the Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Re-insurers other than Lloyd's) Regulations, 2015 or under the Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016;

13. "Fronting" means a process of transferring risk in which an Indian Insurer cedes or retro-cedes most of or all of the assumed risk to a Re-insurer or retrocessionaire;

14. 'Indian Insurer', for the purpose of these regulations, means an 'insurer' as defined under section 2(9) of the Act, which has been granted certificate of registration by the Authority, and shall also include Exempted Insurers and IIOs;

15. 'Insurance Pool' means a joint underwriting operation of insurance or re-insurance business, in which the participating Indian Insurers assume a predetermined share in all business written;

16. 'Insurance Segment', for the purpose of these regulations, means and includes the following-

A. Fire (Other than Oil & Energy);

B. Marine Hull;

C. Marine Cargo;

D. Engineering;

E. Aviation;

F. Motor;

G. Health (including Personal Accident & Travel), other than policies issued by insurers transacting Life Insurance business;

H. Crop;

I. Trade Credit;

J. Oil & Energy;

K. Liability;

L. Miscellaneous;

M. Life (including health insurance policies issued by Life Insurers);

N. Any other segment (under Miscellaneous segment) which contributes more than ten percent of the Gross Written Premium of the Miscellaneous segment;

O. Any other segment as may be notified by the Authority from time to time;

17. 'International Financial Service Centre (IFSC) Insurance Office', hereinafter called by acronym 'IIO', means a branch office, of an insurer or a Re-insurer domiciled in India or outside, which has been granted a certificate of registration by the Authority to set up its office in IFSC-SEZ, to transact insurance business or re-insurance business or both;

18. 'Re-insurance Contract' is a commercial agreement and legally binding on all the parties evidenced by a Reinsurance Slip or Cover Note or such other document;

19. 'Re-insurance Slip' is a document, which provides the abridged details of the risk, terms and conditions offered for re-insurance;

20. 'Retention' means the portion of the risk, which an Indian Insurer assumes for its own account;

21. 'Retrocession' means a re-insurance transaction whereby a part of assumed reinsured risk is further ceded to another Indian Insurer or a CBR;

22. 'Treaty' means a reinsurance contract between a cedant and a reinsurer or between a reinsurer and a retrocessionaire, usually for one year, which stipulates the technical particulars and financial terms applicable to the reinsurance of defined class(es) or segment(s) of business;

23. Words and expressions, used and not defined in these regulations but defined in the Act or Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or the General Insurance Business (Nationalization) Act, 1972 (57 of 1972) or the Life Insurance Corporation Act, 1956 (31 of 1956), rules or regulations made there under shall have the meanings respectively assigned to them in those Acts or rules or regulations.

3. Re-insurance Programme. - 1. Objectives

The Re-insurance Programme of every Indian Insurer shall be guided by the following objectives to:

A. Maximize retention within the country, subject to proper and adequate diversification of risks;

B. Develop adequate technical capability and financial capacity;

C. Secure the best possible Re-insurance coverage required to protect the interest of the policyholders and (retro)cedants at a reasonable cost;

D. Simplify the administration of business.

2. Retention policy

A. Every Indian Insurer shall

a. maintain the maximum possible retention in commensuration with its financial strength, quality of risks and volume of business;

b. formulate a suitable insurance segment-wise retention policy; bearing in mind the above stated objectives, duly approved by its Board;

c. ensure that the Re-insurance arrangement is not fronting.

B. However, every Indian Insurer, transacting life insurance business, shall maintain a minimum retention of -

a. 25% of sum at risk under pure protection life insurance business portfolio and

b. 50% of sum at risk under other than pure protection life insurance business portfolio.

Explanation. - The portfolio of business existing prior to the date of effect of these regulations shall continue to be governed by the existing treaties.

C. Every Indian Re-insurer shall maintain a minimum retention of 50% of its Indian business.

D. The Authority may require an Indian Insurer to justify its retention policy and may give such directions, as considered necessary, to fulfill the objectives.

3. Re-insurance Arrangements. - A. Every Indian Insurer shall -

a. commence its annual Re-insurance Programme from the beginning of every financial year;

b. submit to the Authority, its Board approved Re-insurance Programme along with its retention policy for the forthcoming financial year, 45 days before the commencement of the financial year;

c. file with the Authority, within 30 days of the commencement of the financial year:

    i. its Board approved Final Re-insurance Programme incorporating the changes, if any, in the programme submitted under 3(3)(A)(b) above or a declaration by the CEO that the entity has not made any change in the filed Programme;

    ii. re-insurer wise details of actual placements during previous financial year for each Insurance Segment;

d. file with the Authority any new or revision of Re-insurance arrangement (made after the final Re-insurance Programme under 3(3)(A)(c) above is submitted), giving full details with related documents, reasons for such an arrangement together with Board approved copy within 15 days of approval of the Board.

B. The Board, while formulating the Re-insurance Programme and the retention policy, shall ensure that the Reinsurance arrangements are effective and appropriate by taking into consideration, inter-alia, the following factors:

a. Business mix, overall risk appetite, type and extent of Re-insurance protection required;

b. Level of risk concentration and retention levels;

c. Mechanism of reinsurance.

C. The Re-insurance Programme of Indian Insurers shall include, but not limited to, the following:

a. Insurance Segment-wise parameters considered for fixation of retention limits;

b. Insurance Segment-wise statement of retention limits for the proposed financial year vis-a-vis retention limits in the current financial year and reasons for variations, if any;

c. Insurance Segment-wise statement of net retention ratio for the current financial year (estimated) and for the previous three financial years;

d. Insurance Segment wise statement of the actual Gross Written Premium Income for the previous financial year, for current financial year (estimated) and the projected Gross Written Premium income for the forthcoming financial year;

e. Structure of Re-insurance Programme with details of Proportional arrangements for each Insurance Segment (including treaty capacity, retention limits, estimated premium, re-insurance commission structure, event limits etc.) and Non-Proportional Arrangements for each insurance segment (including estimated gross net premium income, cover limits, deductible, excess of loss premium, reinstatement provisions etc.);

f. Insurance Segment-wise Statement of Re-insurance cost (in terms of quantum as well as percentage to Gross Written Premium) giving details of Gross Written Premium, premium ceded on proportional arrangements and premium ceded on non-proportional arrangements along with Statement showing projected costs for the forthcoming financial year and the actual costs for the previous three financial years including estimated cost for current financial year;

g. Details of Inward Re-insurance business, if any, separately for Domestic and Foreign business;

h. Details of Inter-Company Re-insurance arrangements, if any, with other Indian Insurers transacting direct insurance business.

D. In addition to the requirements as at regulation 3(3)(C) above, every Indian Reinsurer, FRB and IIO writing reinsurance business, shall file the Board approved underwriting policy. Any subsequent change, in the underwriting policy, shall be duly approved by the Board and filed with the Authority within 15 days of Board's approval.

4. Catastrophic Risk Protection. - Every Indian Insurer shall:

A. ensure that its Re-insurance arrangements in respect of catastrophe accumulations are adequate;

B. have the catastrophe modeling report and the basis along with return period estimates, on which the quantum of catastrophe protection is purchased for each of the perils for the forthcoming financial year duly approved by its Board;

C. file a synopsis of the report along-with the Re-insurance Programme.

5. Maintenance of Records. - Every Indian insurer shall submit soft copies of each and every re-insurance contract, list of Re-insurers with their credit rating, their shares in the proportional and non-proportional Re-insurance arrangement. The hard copies of the above documents shall be maintained for the period specified in the relevant extant regulations and shall be made available to the Authority for inspection.

4. Cross Border Re-insurer (CBR). - 1. No Indian Insurer shall place its Re-insurance business with any CBR, unless it satisfies the following eligibility criteria: -

A. The CBR is an insurance or Re-insurance entity in its home country, duly authorized by its home country regulator to transact re-insurance business during the immediate past three continuous years;

B. The CBR has a credit rating of at least BBB from Standard & Poor or equivalent rating from an international rating agency during the immediate past three continuous years;

C. The home country of the CBR has signed Double Taxation Avoidance Agreement with India;

D. The CBR has minimum solvency margin or capital adequacy, as specified by the home country regulator, during the immediate past three continuous years;

E. The past claims settlement experience of the CBR is found to be satisfactory;

F. Any other requirements as stipulated by the Authority from time to time.

2. Reinsurance placements with a CBR, not fulfilling the above stated eligibility criteria shall require prior approval of the Authority.

3. The Authority may stipulate norms for relaxations of these criteria and limits of cessions to a CBR under Regulation 6 along with operational procedures for filing CBR information, through guidelines issued from time to time.

5. Procedures for Re-insurance placements. - 1. Obtaining best terms for Cessions: Every cedant, shall be free to obtain best terms for its Re-insurance protection of domestic risks, subject to the following:

A. Cedants shall seek terms at least from all Indian Re-insurers, who have been transacting Re-insurance business (other than emanating from obligatory cession) during the immediate past three continuous years and at least from four FRBs.

B. No cedant shall seek terms from:

a. IIOs having credit rating below A- from Standard & Poor's or equivalent rating from any other International Rating Agency, or

b. CBRs having credit rating below A- from Standard & Poor's or equivalent rating from any other International Rating Agency.

C. No cedant shall seek terms from any Indian Insurer, not registered with the Authority to transact reinsurance business.

D. The cedant shall be responsible and accountable to comply with these regulations, irrespective of whether the terms are obtained directly or through Re-insurance Broker.

2. Offer for Participation:

A. Every cedant shall offer best terms obtained, for participation in the following order of preference:

a. to Indian Re-insurers, transacting re-insurance business (other than emanating from obligatory cession) during the immediate past three continuous financial years;

b. to other Indian Re-insurers and FRBs;

c. to the IIO as under regulation 5(1)(B)(a) which provided the best and lead terms with capacity of not less than 10%;

d. to the CBR as under regulation 5(1)(B)(b) which provided the best and lead terms with capacity of not less than 10%;

e. to other IIOs;

f. to other Indian Insurers (only Facultative) and CBRs.

Explanation. - Except for facultative reinsurance protection, no cedant shall offer for participation to any Indian Insurer, which is not registered with the Authority exclusively to transact reinsurance business. Further such Indian Insurer shall not be offered to lead on any reinsurance protection.

B. Subject to compliance of regulation 5(2)(A) above, no cedant, except through the FRBs, shall make an offer for participation to the CBRs, which are applicant companies of the FRBs, unless:

a. The total sum-insured is rupees two thousand five hundred crore or more for property insurance, material damage and business interruption combined at one location; or

b. The total sum-insured is rupees one hundred crore or more for liability cover, per event; or

c. The offer for participation is for Aviation, Oil & up-stream energy, Marine Hull risk; or

d. Prior approval of the Authority is obtained for exceptions to the above.

C. The cedant shall be responsible and accountable to comply with these regulations, irrespective of whether the offer for participation is made -

a. directly or through Re-insurance Brokers,

b. to the facilities of Re-insurance capacity arranged by Re-insurance Brokers,

c. to the promoter company or its associate group companies.

3. Nothing in Regulations 5(1) and 5(2) shall apply to the following:

A. Retrocession or reinsurance placements of Indian Re-insurers, FRBs, IIOs and Insurance Pools;

B. Existing inter-company arrangements of the Indian Insurers transacting direct insurance business;

C. Obligatory cessions as notified from time to time under Section 101A of the Act;

D. Re-insurance placements of Indian insurers transacting life insurance business. However, Indian insurers, transacting life insurance business, shall endeavor to utilize the Indian domestic capacity before offering to the CBRs.

4. Further that no Indian insurer transacting life insurance business shall, without the prior approval of the Authority, have re-insurance arrangements with its promoter company or its associate or group companies except on terms which are commercially competitive, on an arm's length basis.

6. Cession limits. - 1. Re-insurance placements with CBRs by the cedants transacting other than life insurance business shall be subject to the following overall cession limits during a financial year.

Rating of the CBR as per Standard & Poor or equivalent

Maximum overall cession limits allowed per CBR

Greater than A+

20%

Greater than BBB+ and up to and including A+

15%

BBB & BBB+

10%

Explanation: The above percentages are to be calculated on the total reinsurance premium ceded out-side India.

2. No placement exceeding the aforesaid limits shall be made unless prior approval of the Authority is obtained.

7. Domestic Insurance Pools. - 1. The proposal for an Insurance Pool, could be initiated by any Indian Insurer by submitting a proposal to the Authority.

2. The Authority, after examining various factors including its objectives, basis, capacity for participation, limits of liability, terms and conditions, may permit formation of domestic Insurance Pool(s). The Authority, wherever necessary, may also suo-moto direct Indian Insurers to create and participate in domestic Insurance Pools.

3. Constitution of the Insurance Pools and selection of Administrator shall be as per the direction of the Authority.

4. The Pool Administrator shall submit the returns, details of Re-insurance arrangement, statements on the performance of the pool, in the manner and periodicity as stipulated by the Authority from time to time.

8. Alternative Risk Transfer (ART). - 1. An Indian Insurer, intending to adopt ART solutions, shall submit such proposals to the Authority.

2. The Authority, after necessary examination and on being satisfied with the type of ART solution may allow the ART proposal on a case to case basis.

9. Inward Re-insurance Business. - Every Indian Insurer (transacting direct insurance business) for writing inward Re-insurance business shall:

1. put in place a well-defined underwriting policy duly approved by its Board;

2. file with the Authority, its inward re-insurance underwriting policy (stating the insurance segments, geographical scope, underwriting limits, and performance objectives) duly approved by its Board along with the Re-insurance Programme within the time lines specified in Regulation 3 above; and

3. file with the Authority any change to the inward re-insurance underwriting policy filed earlier as and when a change is made duly approved by its Board within 15 days of Board approval.

10. Submission of Information. - Every Indian Insurer shall submit to the Authority, information and returns relating to its Re-insurance transactions, in such form and manner as the Authority may stipulate from time to time.

11. Repeal and Savings. - 1. These Regulations repeal the Insurance Regulatory and Development Authority of India (General Insurance - Reinsurance) Regulations, 2016 and Insurance Regulatory and Development Authority (Life Insurance - Reinsurance) Regulations, 2013.

2. Unless otherwise provided by these regulations, nothing in these regulations shall deem to invalidate arrangements entered prior to these regulations coming into force.

3. The Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015, shall be amended in the manner specified in The First Schedule of these regulations.

4. The Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016 shall be amended in the manner specified in The Second Schedule of these regulations.

12. Power of the Authority. - 1. The Authority may call for further information or explanation, as may be necessary, on all matters related to Reinsurance and may direct the Indian insurer to carry out necessary changes in the Re-insurance Programme filed with the Authority.

2. The Authority may issue guidelines stipulating such terms and conditions for Re-insurance placements including-

A. Collateral, risk charges;

B. recognition of equivalent jurisdictions;

C. percentage of cession limits with a CBR, all CBRs taken together.

3. In order to remove doubts or difficulties that may arise in the application or interpretation of any of the provisions of these Regulations, the Chairperson of the Authority may issue appropriate clarifications or guidelines as deemed necessary.

First Schedule

[See Regulation 11 (3)]

Amendment To The Insurance Regulatory and Development Authority of India

(Registration and Operations of Branch Offices of Foreign Reinsurers Other Than Lloyd's) Regulations, 2015.

a. Regulations 5 (1) and 5 (2) of these Regulations supersede and replace Regulation 28(9) of the Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015.

b. Regulation 4 of the Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015 shall be substituted by the following:

"4. Requisition for Registration application: An applicant shall make a requisition for registration application under Regulation 3 for Re-insurance business wherein the branch office of foreign Re-insurer shall maintain a minimum retention of 50% of the Indian Re-insurance business."

c. The words "for reinsurance category as specified in Regulation 4 of these Regulations" under Regulation 15 of the Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015 shall be deleted.

d. Regulation 28(8) shall be substituted by the following:

"Reinsurance: - the Branch Office of Foreign Reinsurers shall be subjected to Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018."

e. Point no- 6 of FORM IRDAI/Reins/R1, of the Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015 shall be deleted.

Second Schedule

[See Regulation 11 (4)]

Amendment To The Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016.

a. Regulation 8 of the Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016 shall be substituted by the following:

"8. Requisition for Registration application: An applicant shall make a requisition for registration application under Regulation 7 for Re-insurance business wherein the Lloyd's India Syndicate shall maintain a minimum retention of 50% of the Indian Re-insurance business."

b. The words "for Reinsurance category as specified in regulation 8 of these regulations" under regulation 19 and the words "for the category of Reinsurance business" under regulation 44 of the Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016 shall be deleted.

c. Regulation 50(7) shall be substituted by the following:

"Reinsurance: - The syndicates of Lloyd's India shall be subjected to Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018."

d. Point No. - 6 of FORM IRDAI/LLOYD'S/R1, of the Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016 shall be deleted.

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