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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 (Transfer of Equity Shares of Insurance Companies) Regulations, 2015

Published vide Notification No. F. No. IRDA/Reg/3/93/2015, dated 15.04.2015

Last Updated 12th July, 2021 [act3910]

F. No. IRDA/Reg/3/93/2015. - In exercise of the powers conferred by section 114A read with Section 6A of the Insurance Act, 1938 (4 of 1938) and with 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:-

Chapter I

1. Short title and commencement. - (1) These regulations may be called Insurance Regulatory and Development Authority of India (Transfer of Equity Shares of Insurance Companies) Regulations, 2015.

(2) They shall come into force on the date of their publication in the Official Gazette.

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

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

(b) "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);

(c) "Transfer of Shares" includes transfer of shares from existing shareholder to another person and includes transmission and fresh issuance of the equity shares which lead to change in the shareholding pattern of an insurance company;

(d) "Shareholding Pattern" means the shareholding pattern which was approved by the Authority at the time of grant of certificate of registration or at any subsequent time;

(e) "Indian promoter" means a person defined as "Indian Promoter" in the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000;

(f) "Investor" means a person who is otherwise eligible to invest in the equity shares of insurance companies and includes a foreign investor as defined in Indian Insurance Companies (Foreign Investment) Rules, 2015;

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

Chapter II

Transfer of Shares

3. Registration of Transfer. - No registration of transfer of shares or issue of equity capital of an insurance company which would result in change in the shareholding shall be made, where,

a. after the transfer, the total paid up holding of the transferee in the shares of the insurance company is likely to exceed five percent of its paid up capital, or

b. the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one percent of the paid up equity capital of the insurance company, unless the previous approval of the Authority has been obtained for the said transfer.

4. Application for Transfer. - The application seeking prior approval of the Authority under the provisions of Section 6A of the Insurance Act, 1938 shall be made in Form A. The Application shall be accompanied by the requisite documents and the details of the transferee as specified in Form B providing complete details of the proposed transferee, its financial strength, sources of funds from which the proposed investment is intended to be made, and such other information as may be prescribed by the Authority.

5. Declaration on Beneficial Shareholding. - The application for transfer of shares shall be accompained by a declaration from the proposed shareholder whether the shares are proposed to be held for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each.

6. Due Diligence. - The Authority shall carry out the requisite due diligence of the proposed transferee prior to grant of approval for registration of transfer of shares under the provisions of Section 6A (4) of the Insurance Act, 1938, or for issue of shares to the proposed transferee.

Chapter III

Condition for Approval

7. Indian Promoters. - The Indian promoters shall hold shares in an insurance company as approved by the Authority.

Provided that the Authority shall, while according its approval, prescribe such conditions on promoters as it may consider appropriate, including but not limited to:

a. Minimum lock in period;

b. Infusion of additional capital in proportion of its shareholding or otherwise, at periodic intervals to ensure that the insurance company is compliant with the regulatory solvency requirements at all times; and

c. Compliance with all regulatory stipulations imposed on the promoters while granting R3 under the IRDA (Registration of Indian Insurance Companies) Regulations, 2000 to the said insurance company.

8. Foreign Investors. - The Foreign investors shall hold shares in an insurance company in accordance with the provisions of Indian Insurance Companies (Foreign Investment) Rules, 2015.

Provided that the Authority, while according its approval, may prescribe such conditions as it may consider appropriate, including but not limited to:

a. Minimum lock in period;

b. Infusion of additional capital in proportion of its shareholding at periodic intervals to ensure that the insurance company is compliant with the regulatory solvency requirements at all times; and

c. Compliance with all regulatory stipulations imposed on the promoters while granting R3 under the IRDA (Registration of Indian Insurance Companies) Regulations, 2000 to the said insurance company.

9. Ceiling on holdings of Indian Investors. - The Investors excluding the foreign investors shall hold shares in an insurance company subject to the following conditions

a. Where there are one or more investors in an insurance company, no investor shall hold shares in an insurance company exceeding ten per cent of the paid up equity share capital of such insurance company.

b. All investors as indicated at a. above, jointly shall not hold more than twenty five percent of paid up equity share capital of the insurance company.

10. Interpretation. - The interpretation of these regulations shall be that of the Authority, whose decisions on all issues shall be binding on all applicants.

Form A

Application for approval of transfer of the shares in terms of Section 6A of the Insurance Act, 1938

1. In terms of IRDA (Registration of Indian Insurance Companies) Regulations, 2000, ......................... (Name of the insurance company) has been granted Certificate of Registration No....... on ...... (date) to carry on ........... (Life Insurance/ General Insurance/ Health Insurance/ Reinsurance) business.

2. The shareholding of the insurance company at the time of grant of certificate of registration was under

Sl. No.

Promoter / Shareholder

No. of shares held

Per cent of total shareholding

Lock-in-period (No. of years)

Lock-in period ends on (Date)


1. ..........






2. ..........






3. ...........





3. Post registration of the ................ insurance company, the shares of ........................... promoters / investors were transferred in favour of........................ post grant of requisite approval of the Authority vide its letter no.............. dated.................... (where applicable).

While granting approval for transfer of the said shares, the Authority had stiupulated a lock in period on the incumbent transferee(s), as per details furnished as under

Sl. No.

Promoter/ Shareholder

No. of shares held

Per cent of total shareholding

Lock-in-period (No. of years)

Lock-in period ends on (Date)













4. The ............ (Name of the Insurance Company) hereby seek approval of the Authority in terms of section 6A (4) b. (ii) / (iii) of the Insurance Act, 1938 for (i) registration of transfer of shares held by the promoter (s) / investor (s) and / or (ii) allotment of shares on preferential basis through private placement as per details given below :

Sl. No.

Existing Promoter/ Investors

No. of Shares held

Per cent of Existing Shareholding

New Promoter/ Investors

No. of Share held post Transfer/ Allotment

Per cent of Shareholding Post Transfer/ Allotment






















On receipt of approval from the Authority, we shall ensure compliance with all regulatory requirements, including but not limited to the Corporate Laws and any other stipulations as may be applicable. Place:

Date:

(Signature )
Chief Executive Officer/Chairman
(Name of the Insurance Company)

Enclosed: Form B

Form- B

Sl. No.

Particulars

Remarks

1.

Name of the Proposed Transferee :
(Name and Full address giving the details of the proposed Transferee)


2.

Legal Form / Status :

Individual / LLP/ Partnership firm / Corporate Entity / Co-operative Society/ Bank/ Financial Institution/ Any other (pl specify)

3.

No. and Date of Incorporation :
(Date of Birth in case of Individual)


4.

Permanent Account Number under the Income Tax Act and name and address of Income Tax Circle


5.

  1. Transferee status :

Investor/Promoter


  1. Whether the investor and/or promoter or its group company are also shareholder in an insurance intermediary. (If yes, then please give complete details)



  1. Whether the investor and/or its promoter or its group company is having share holding in any other insurance company. (If yes, then please give complete details)


6.

Letter of Consent of proposed Transferee
(Please provide copy of Board resolution approving acquisition in case of Corporate entity)


7.

Copies of requisite approvals by the relevant jurisdiction / sector regulator as applicable


8.

Copies of requisite approvals under Foreign Exchange Management Act, 2000 (FEMA)


9.

Copies of requisite approvals, if any under the provisions of Competition Commission of India.


10.

Letter of Consent of the proposed Transferee confirming compliance with all stipulations as may be laid down by the Authority.


11.

Confirmation from the insurance company (applicable only in case of unlisted entities) indicating concerns, if any, on the revised shareholding pattern.


12.

Board Resolution of the applicant company seeking to issue shares, if applicable


13.

Fit and Proper

  1. Declaration providing details of civil/criminal/ regulatory action taken/pending against the proposed transferee


  1. Whether the transferee or the Directors of the transferee have ever been refused (or had revoked) a license or authorisation to carry on any regulated financial business. (If yes, then please give complete details thereof)

  1. Details of any censure or disciplinary action initiated by any Government, Regulatory or Professional Body.

  1. Whether any Governmental Regulatory or Professional Body has ever investigated any company, firm or organisation with which the Directors and key persons have been associated as a director, officer, manager or shareholder.
    (if yes, then provide the complete details)

14.

Details of any Agreement in place / proposed to be entered into with the insurance company.


15.

Declaration for the Beneficial ownership: A declaration by the transferee as to whether he proposes to hold the shares for his own benefit or as nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each.


[16.

Where the Indian Insurance Company has Foreign investment, status of compliance of regulation 5A of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000. (please attach a brief note on the same)]


[17.

Where the Foreign investment in an Indian Insurance Company exceeds or shall exceed 49 percent, status of compliance of regulation 5B of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000. (please attach a brief note on the same)]


18.

Documents pertaining to the proposed Transferee (as applicable) :

  1. Memorandum of Association and Articles of Association

  1. List of the Directors

  1. Shareholding pattern / details of partners

  1. Key Managerial personnel

  1. Financial statements for the previous five years

  1. Brief note about the background, financial strength; etc.

  1. Income tax statements for last five years

  1. Details of Directorship / Partnership/Shareholding (equity shares holding of one per cent and above) in other entities

  1. Self Attested Affidavit confirming that the information furnished in Forms A and B alongwith the attachments therewith is correct and complete, and nothing has been concealed or suppressed.

  1. Any other information, which may be considered relevant.

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