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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 (Assets, Liabilities, and Solvency Margin of General Insurance business) Regulations, 2016

Published vide Notification No. F. No. IRDAI/Reg/7/119/2016, dated 07.04.2016

Last Updated 16th December, 2022 [act3904]

F. No. IRDAI/Reg/7/119/2016. - In exercise of the powers conferred by clauses (y), (z), (za) and (zab) of sub-section (2) of section 114A read with Sections 64V and 64VA of the Insurance Act, 1938, (4 of 1938) and section 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 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 (Assets, Liabilities, and Solvency Margin of General Insurance business) Regulations, 2016.

(2) These Regulations shall come into effect from 1st April, 2016.

2. Definitions. - (1) In these regulations, unless the context otherwise requires

(a) "Act" means the Insurance Act 1938 (4 of 1938) ;

(b) "Allocated Loss Adjustment Expenses (ALAE)" are claim-related expenses that are directly attributable to a specific claim;

(c) "Authority" means the Insurance Regulatory and Development Authority of India established under subsection (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

(d) "Claim Reserves" means the reserves in respect of the claims which have already occurred and determined as the aggregate of outstanding claim reserves and incurred but not reported claim reserves.

(e) "General Insurance Business" includes health insurance business and general insurance business transacted by general insurers and health insurance business transacted by standalone health insurers.

(f) "General insurers" means all the insurers transacting general insurance business including health insurance business and stand-alone health insurers transacting health insurance business.

(g) "Incurred But Not Enough Reported Reserves(IBNER)" means the reserves reflecting the expected changes in the estimates of reported claims as on the accounting date;

(h) "Incurred But Not Reported Claim Reserves (IBNR)" includes IBNER, estimate for reopened claims, provision for incurred but not reported claims, provision for claims in transit as on the accounting date and ALAE;

(i) "Outstanding Claim Reserves (OS Reserves)"means the provision made in respect of all outstanding reported claims as on the accounting date. OS Reserves include ALAE;

(j) "Premium Deficiency Reserve (PDR)" means the reserve held in excess of the unearned premium reserve, which allows for any expectation that the unearned premium reserve will be insufficient to cover the cost of claims and related expenses incurred during the period of unexpired risk;

(k) "Unearned Premium Reserve (UPR)" means an amount representing that part of the premium written which is attributable and to be allocated to the succeeding accounting periods;

(l) "Unexpired Risk Reserves" means the reserves in respect of the liabilities for unexpired risks and determined as the aggregate of Unearned Premium Reserve and Premium Deficiency Reserve.

(2) All words and expressions used herein and not defined but defined in the Insurance Act 1938 (4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or in any Rules or Regulations made there under, shall have the meanings respectively assigned to them in those Acts or Rules or Regulations.

3. Applicability. - These regulations shall be applicable to all the general insurers transacting general insurance business.

4. Admissibility of Assets For The Purpose of Calculation of Solvency Margin. - Every general insurer shall prepare a statement of admissible assets in FORM IRDAI-GI-TA in accordance with Schedule I.

5. Determination of Amount of Liabilities. - Every general insurer shall prepare a statement of the amount of liabilities in FORM IRDAI-GI-TR in accordance with Schedule II.

6. Determination of Solvency Margin. - Every General insurer shall prepare a statement of solvency margin in FORM IRDAI-GI-SM in accordance with Schedule III.

7. Business Outside India. - (1) Where the general insurer transacts general insurance business in a country outside India, and submits statements or returns or any such particulars to the host regulator of that country, the insurer shall enclose a copy of the same along with the Forms specified in accordance with these Regulations and as stipulated by the Authority from time to time.

Provided that if Appointed Actuary is of the opinion that the liability and solvency norms outside India, where the insurer transacts business, results in lower liability and/or solvency requirement as compared to the liability and solvency norms existing in India, then such person shall require the insurer to set aside additional reserves over and above the reserves shown in the statements or returns or any such particulars submitted to the host regulator of a country outside India so as to comply with the liability and solvency norms existing in India.

8. Furnishing of Forms. - (1) The Forms, namely, FORM IRDAI-GI-TA, FORM IRDAI-GI-TR and FORM IRDAI-GI-SM shall be furnished separately for General insurance Business within India and Total Business transacted by the general insurer.

(2) These Forms shall be furnished to the Authority, within three months from the end of the period to which they refer to or within thirty days from the date of adoption of accounts by the Board of the insurer, whichever is earlier, along with any other reports as may be stipulated by the Authority from time to time.

9. Personal Visit of Appointed Actuary To The Authority. - The Authority may, if considered necessary and expedient, ask the Appointed Actuary to make a personal visit to the office of the Authority to elicit from such person any further information.

10. Repeal and Savings. - (1) On and from the commencement of these regulations, the Insurance Regulatory and Development Authority (Assets, Liabilities and Solvency Margins of Insurers) Regulations, 2000 shall stand superseded.

(2) However, in respect of anything done or omitted to be done prior to the commencement of these regulations, they shall continue to be governed by Insurance Regulatory and Development Authority (Assets, Liabilities and Solvency Margins of Insurers) Regulations, 2000.

11. Power of The Authority To Issue Clarifications Etc. - In order to remove any doubts or the 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.

Schedule I

(See Regulation 4)

1. Valuation of Assets

(1) The following assets should be placed with value zero:

(a) Agents' and Intermediaries' balances and outstanding premiums in India, to the extent they are not realized within a period of thirty days;

(b) [Premiums receivables relating to State/Central Government sponsored schemes, to the extent they are not realized within a period of 365 days]

(c) Agents' and Intermediaries' balances and outstanding premiums outside India, to the extent they are not realizable ;

(d) Sundry debts, to the extent they are not realizable;

(e) Advances and receivables of an unrealizable character;

(f) Furniture, fixtures, dead stock and stationery;

(g) Deferred expenses;

(h) Debit balance of Profit and loss appropriation account balance and any fictitious assets other than pre-paid expenses;

(i) Co-insurer's balances outstanding for more than ninety days;

(j) Balances of Indian Reinsurers and Foreign Reinsurers having Branches in India outstanding for more than 365 days;

(k) Other Reinsurers balances outstanding for more than 180 days;

(l) Leasehold improvements

(m) Service Tax Unutilized Credit outstanding for more than ninety days;

(n) Any other assets, which are considered inadmissible under Section 64V of the Insurance Act, 1938.

(2) All other assets of a general insurer have to be valued in accordance with the Regulations and other instructions issued by the Authority regarding preparation of financial statements, auditor's report, other forms of capital and investments, and any other Regulations as applicable from time to time.

2. Statement of Admissible Assets

Every general insurer shall prepare a statement of admissible assets in form IRDAI-GI-TA

FORM IRDAI-GI-TA

Statement of Admissible Assets: << Name of General Insurer>>

As at 31st March 20XX

Name of Insurer:

Registration Number:

Date of registration:

Classification: Business within India/ Total Business

(All amounts in Rupees of Lakhs)

Particulars

Policyholders A/C

Shareholders A/C

Total

Investments




Investments Shareholder' SCH 8




Policyholders' SCH 8A








Total Investments as per BS ---------------- (A)




Inadmissible investment assets as per Clause (1) of Schedule I --------------- (B)








Fixed assets




Fixed assets as per BS ----------------------- (C)




Inadmissible Fixed assets as per Clause (1) of Schedule - I ------------ (D)








Current Assets




Cash & Bank Balances as per BS --------------- (E)




Advances and Other assets as per BS ------------ (F)




Total Current Assets as per BS ------------- (G) = (E) + (F)




Inadmissible Current assets as per Clause (1) of Schedule - I -------- (H)








Loans




Loans as per BS --------------------------- (I)








Fair Value Change Account subject to minimum of zero----(J)








Total Assets as per BS --------------------(K) = (A) + (C) + (G) + (I)(Excluding current liabilities and provisions)




Total Inadmissible assets ------------------- (L) = (B) + (D) + (H) + (J)




Total Admissible assets for Solvency ---- (K) - (L) (Excluding current liabilities and provisions)




We certify that the statement has been prepared in accordance with Schedule I.

Name and Signature of Appointed Actuary

Name and Signature of Statutory Auditor

Name and Signature of Chief Executive Officer

Place

Date

Notes. - The statement shall show the value of the above-mentioned categories of assets in accordance with Clause (1) in Schedule I.

Schedule II

(See Regulation 5)

Determination of Amount of Liabilities

1. Determination of Amount of Liabilities

(1) The amount of liabilities shall be determined on the Valuation Date separately for each line of business as listed in the FORM IRDAI-GI-SM and in accordance with this regulation

(2) The amount of liabilities for each line of business shall be determined as the aggregate of Unexpired Risk Reserves as mentioned in clause 2 below and Claims Reserves as mentioned in clause 3 below.

2. Premium Reserves

(1) Unearned Premium Reserve (UPR). - UPR will be estimated as per the extant provisions and shall be certified by the Chief Financial Officer and the Statutory Auditor .

(2) Premium Deficiency Reserve (PDR). - The PDR shall be calculated using sound actuarial principles. Though the PDR shall be maintained at the insurer level, PDR on segmental basis would be monitored by the Authority for verifying the sustainability of products and accordingly an appropriate action may be taken by the Authority.

(3) Unexpired Risk Reserve (URR). - Unexpired Risk Reserve is defined as sum total of UPR and PDR

3. Claims Reserve

(1) The Claims Reserve shall be determined as the aggregate amount of Outstanding Claims Reserve and Incurred but Not Reported Claims Reserve (IBNR) as described below for the following lines of business:

Item


No.

Line of Business


Motor

1

Motor OD-Private car

2

Motor OD-Two Wheeler

3

Motor OD-Commercial Vehicle

4

Motor TP-Private car

5

Motor TP-Two Wheeler

6

Motor TP-Commercial Vehicle (Declined Pool)

7

Motor TP-commercial Vehicle (TP Pool)

8

Motor TP-commercial Vehicle (Other than Pool)


Health

9

Health Insurance - Individual

10

Health Insurance - Group-Government Schemes

11

Health Insurance - Group-Employer/Employee Schemes

12

Health Insurance - Group-Other Schemes


Personal Accident

13

Personal Accident - Individual

14

Personal Accident- Group(Government Schemes)

15

Personal Accident-Group(Others)

16

Travel

17

Fire


Marine

18

Marine Cargo

19

Marine-Other than Marine Cargo


Other Miscellaneous

20

Engineering

21

Aviation

22

Product Liability

23

Liability Insurance

24

Workmen Compensation/ Employer's Liability

25

Crop Insurance

26

Weather Insurance

27

Credit Insurance

28

Others

(2) Outstanding Claims Reserve

The outstanding claims reserve shall be determined in the following manner:

(a) Where the amount of outstanding claims of the insurers is known, the amount is to be provided in full;

(b) Where the amount of outstanding claims can be reasonably estimated according to the insurer, insurer shall follow the 'case by case method' after taking into account the explicit allowance for changes in the settlement pattern or average claim amounts, expenses and inflation;

(c) For lines of business, where the Appointed Actuary is of the view that the statistical method is most appropriate for the estimation of Outstanding claims, the Appointed Actuary may use the appropriate statistical method of claims reserving instead of following case by case method. In such cases, the claims outstanding reserve shall be certified by Appointed Actuary. Where the Appointed Actuary identifies material changes in the claims handling practices, their impact on the outstanding claims reserve pattern shall be taken into account and reported.

(3) Incurred But Not Reported (IBNR) Claims Reserve

(a) The incurred but not reported (IBNR) claims reserve shall be determined using actuarial principles and methods detailed in clause 4 below

(b) The IBNR shall be estimated using appropriate actuarial principles and shall be certified by the Appointed Actuary.

(c) The Appointed Actuary shall estimate IBNR on both net of reinsurance and gross of reinsurance basis.

(d) The Appointed Actuary shall estimate the provision for IBNR for each year of occurrence and the figures shall be aggregated to arrive at the total amount to be provided.

(e) If estimate of IBNR provision for any year of occurrence is negative, the Appointed Actuary shall reexamine the underlying assumptions. Even after re-examination, if the mathematics produces negative value, the Appointed Actuary shall ignore the IBNR provision for that year of occurrence.

(f) The estimation process shall not discount the estimated future development of paid claims to the current date.

4. Actuarial Methods

(1) The following Standard Actuarial Methods may be used for the estimation of IBNR reserves:

(a) Basic Chain Ladder Method (both on incurred and paid claims)

(b) Bornbuetter Ferguson Method (both on incurred and paid claims)

(c) Frequency - Severity Method

(2) The Appointed Actuary shall use more than one method to arrive at an estimate that s/he believes is adequate to meet the future liabilities.

(3) Appointed Actuary may use methods other than standard actuarial methods of IBNR estimation.

(4) In his/her annual report submission to the Regulator, Appointed Actuary should provide an explanation of the rationale underlying the selection of a particular method over the other available methods along with the advantages and disadvantages of doing so.

(5) Where the results of different methods or assumptions differ significantly, an Appointed Actuary must comment on the likely reasons for the differences and explain the basis for the choice of results.

5. Applicability To Reinsurance

(1) This Schedule shall also apply to the valuation of general insurance business in the books of reinsurers.

(2) As regards the business ceded by insurers, this Schedule shall be applicable to the net sums at risk retained by the insurer.

6. Determination of Other Liabilities

The general insurer shall place a proper value in respect of the following items:

(1) provision for bad and doubtful debts; reserve for dividends declared or recommended, and outstanding dividends in full;

(2) amount due to insurance companies carrying on insurance business, in full;

(3) amount due to sundry creditors, in full;

(4) provision for taxation, in full; and

(5) foreign exchange reserve

7. Statement of Liabilities

(1) Every general insurer shall prepare a statement of liabilities in FORM IRDA-GI-TR certified by the Appointed Actuary and the Statutory Auditor in accordance with Section 64V of the Act.

(2) The statement shall be furnished to the Authority along with the returns mentioned in section 15 of the Act.

(3) The general insurer shall furnish any additional information in accordance with the directions issued by the Authority from time to time.

FORM IRDAI-GI-TR

Insurance Regulatory and Development Authority of India

(Assets, Liabilities, and Solvency Margin of General Insurance Business) Regulations, 2016

Table I

Statement of Liabilities: << Name of General Insurer>>

As at 31st March 20XX

Name of Insurer:

Registration Number:

Date of registration:

Classification: Business within India/ Total Business

(All amounts in Rupees of Lakhs)

Reserve

Gross Reserve

Net Reserve

Unearned Premium Reserve (UPR) .... (a)



Premium Deficiency Reserve (PDR)....(b)



Unexpired Risk Reserve (URR)....(c)=(a) +(b)



Outstanding Claim Reserve (other than IBNR reserve)....(d)



IBNR Reserve.... (e)



Total Reserves for Technical Liabilities....(f)=(c)+(d)+(e)



Certification

(1) Certification from Statutory Auditor:

I certify that the above statement represents the liabilities of the insurer which have been determined in the manner prescribed in the Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016 and amounts of such liabilities are fair and reasonable. I also further certify that the outstanding claims reserves that are estimated using statistical methods, PDR and IBNR reserves in the statement above have been determined by the Appointed Actuary and his certificate is furnished below.

Qualifications, if any (in regard to the determination of liabilities):

Place:

Date:

Name and Signature of the Statutory Auditor

(2) Certification from the Appointed Actuary:

I certify that, I have checked the data to the best of my ability and I am satisfied that the data is consistent, reliable and complete. I also further certify that the outstanding claims reserves that are estimated using statistical methods, PDR and IBNR reserves in the statement above have been determined using actuarial principles and in the manner prescribed in the Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016. These reserves, estimated as on the 31st day of March of .......(year of investigation) represent, in my opinion, a fair reflection of the expected future experience.

Qualifications, if any:

Name of the Insurer:

Place:

Date:

Name and Signature of the Appointed Actuary

(3) Certification by Principal officer:

I certify that

(a) Full and accurate particulars of every policy and claim have been furnished to the Appointed Actuary: name of the actuary for the purpose of the determination of Technical Reserves as on the 31st Day of March of 20XX.

(b) The data provided to the Appointed Actuary reconciles with the Audited Financials as at 31st Day of March 20XX.

(c) The Appointed Actuary has been made aware of all the information pertaining to underwriting, claims and reinsurance policies and practices followed by the Insurer

Qualifications, if any:

Name of the Insurer:

Place:

Date:

Name and Signature of the Principal Officer

(4) Certification from Chief Financial Officer :

I certify that

The UPR has been determined as per the extant provisions of the Authority.

Qualifications, if any (in regard to the determination of UPR):

Name of the Insurer:

Place:

Date:

Name and Signature of the Chief Financial Officer

Schedule III

Determination of Solvency Margin - General Insurance Business

(See Regulation 6)

1. Interpretation :In this Schedule,

(1) "Available Solvency Margin (ASM)" shall be calculated as the excess of value of assets (as furnished in Form IRDAI-GI-TA) over the value of liabilities (as furnished in Form IRDAI-GI-TR) with further adjustments as shown in Table IB of FORM IRDAI-GI-SM.

(2) "Solvency Ratio" means the ratio of the amount of Available Solvency Margin to the amount of Required Solvency Margin as specified in Table IB

2. Every insurer at all time shall maintain its Available Solvency Margin at a level which is not less than higher of fifty per cent of the amount of minimum capital as stated under Section 6 of the Act and one hundred per cent of Required Solvency Margin failing which the Authority shall act in accordance with sub-section (2) of Section 64VA of the Act.

3. "Control level of Solvency" shall mean the level of solvency margin specified by the Authority in accordance with sub-section (3) of Section 64VA of the Act on the breach of which the Authority shall act in accordance with subsection (4) of section 64VA of the Act without prejudice to taking any other remedial measures as deemed fit. The control level of solvency is hereby specified as a minimum solvency ratio of 150 %.

4. Determination of Required Solvency Margin (RSM): Every general insurer shall determine the Required Solvency Margin, the Available Solvency Margin, and the Solvency Ratio in FORM IRDAI-GI-SM.

FORM IRDAI-GI-SM

Insurance Regulatory and Development Authority of India

(Assets, Liabilities, and Solvency Margin of General Insurance Business) Regulations, 2016

Table I

Statement of Solvency Margin: << Name of General Insurer>>

As at 31st March 20XX

Item


No.

Line of Business


Motor

1

Motor OD-Private car

2

Motor OD-Two Wheeler

3

Motor OD-Commercial Vehicle

4

Motor TP-Private car

5

Motor TP-Two Wheeler

6

Motor TP-Commercial Vehicle (Declined Pool)

7

Motor TP-commercial Vehicle (TP Pool)

8

Motor TP-commercial Vehicle (Other than Pool)


Health

9

Health Insurance - Individual

10

Health Insurance - Group-Government Schemes

11

Health Insurance - Group-Employer/Employee Schemes

12

Health Insurance - Group-Other Schemes


Personal Accident

13

Personal Accident - Individual

14

Personal Accident- Group(Government Schemes)

15

Personal Accident-Group(Others)

16

Travel

17

Fire


Marine

18

Marine Cargo

19

Marine-Other than Marine Cargo


Other Miscellaneous

20

Engineering

21

Aviation

22

Product Liability

23

Liability Insurance

24

Workmen Compensation/ Employer's Liability

25

Crop Insurance

26

Weather Insurance

27

Credit Insurance

28

Others

Table IA: Required Solvency Margin Based On Net Premium and Net Incurred Claims

(All amounts in Rupees of Lakhs)

Item No.

Line of Business

Gross Premiums

Net Premiums

Gross Incurred claims

Net Incurred claims

RSM1

RSM2

RSM

Factor A

Factor B

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

01

Fire








0.5

0.5

02

Marine Cargo








0.6

0.6

03

Marine -Other than Marine Cargo








0.5

0.5

04

Motor








0.75

0.75

05

Engineering








0.5

0.5

06

Aviation








0.5

0.5

07

Liability








0.75

0.75

08

Health








0.75

0.75

09

Miscellaneous








0.7

0.7


Total










Notes:(3) = Gross Written Premium including Inward Reinsurance
(4) = Net Written Premium
(5) = Gross Incurred Claims including impact of Gross IBNR
(6) = Net Incurred Claims including impact of Net IBNR (3) and (4) are calculated as 'Trailing 12 Months Data' (5) and (6) are calculated as Maximum of 'Trailing 12 Months Data' and' Trailing 36 Months Data divided by3'
(7) RSM 1 in the above table means Required Solvency Margin based on net premiums, and shall be determined as Twenty Percent (20%) of the amount which is the higher of the Gross Premiums multiplied by a Factor A as specified in the Table IA and the Net Premiums.
(8) RSM 2 in the above table means Required Solvency Margin based on net incurred claims and shall be determined as Thirty Percent (30%) of the amount which is the higher of the Gross Incurred Claims multiplied by a Factor B as specified in the Table above and the Net Incurred Claims.
(9) RSM means Required Solvency Margin and shall be the higher of the amounts of RSM 1 and RSM 2 for each LOB separately.

Table IB: Available Solvency Margin and Solvency Ratio

Name of Insurer:

Registration Number:

Date of registration:

Classification: Business within India/ Total Business

(All amounts in Rupees of Lakhs)

(1)

(2)

(3)

Item No.

Description

Amount

(A)

Policyholder's Funds



Available assets(as per Form IRDAI-GI-TA)



Deduct:


(B)

Current Liabilities as per BS


(C)

Provisions as per BS


(D)

Other Liabilities


(E)

Excess in Policyholder's funds (A)-(B)-(C)-(D)



Shareholder's Funds


(F)

Available Assets



Deduct:


(G)

Other Liabilities


(H)

Excess in Shareholder's funds (F-G)


(I)

Total ASM (E+H)


(J)

Total RSM


(K)

Solvency Ratio (Total ASM/ Total RSM)


Certification:

I _______________, the Statutory Auditor, hereby certify that the above statements have been prepared in accordance with the Section 64VA of the Insurance Act, 1938, and the amounts mentioned therein are true to the best of my knowledge.

Place

Date:

Name and Signature of the Statutory Auditor

Counter signature by

Principal Officer:

Appointed Actuary

Chief Financial Officer

Notes:1. Item A shall be the amount of the Adjusted Value of Assets in respect of policyholders' funds as mentioned in FORM IRDAI-GI-TA.
2. Item B shall be the amount of Total Liabilities as mentioned in FORM IRDAI-GI-TR.
3. Item C shall be the amount of other liabilities arising in respect of policyholders' funds and as mentioned in the Balance Sheet
4. Item F shall be the amount of the Total Assets in respect of shareholders' funds as mentioned in Form IRDAIGI- TA.
5. Item G shall be the amount of other liabilities arising in respect of shareholders' funds and as mentioned in the Balance Sheet

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