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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 (Issuance of Capital by Indian Insurance Companies Transacting other than Life Insurance Business) Regulations, 2015

Published Vide Notification F. No. IRDAI/Reg/21/11 1/2015, dated 15th December, 2015, published in the Gazette of India, Extra., Pt. III, Sec. 4, dated 18th December, 2015

Last Updated 12th July, 2021 [act3911]

In exercise of the powers conferred by section 114A read with section 6A of the Insurance Act, 1938 (4 of 1938) and sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Insurance Regulatory and Development Authority of India, in consultation with the Insurance Advisory Committee, hereby makes the following Regulations in supersession of the Insurance Regulatory and Development Authority (Issuance of Capital by General Insurance Companies) Regulations, 2013, namely:-

1. Short title and commencement. - (1) These regulations may be called the Insurance Regulatory and Development Authority of India (Issuance of Capital by Indian Insurance Companies Transacting other than Life Insurance Business) Regulations, 2015.

(2) These regulations shall come into force on the [date] of their publication in the Official Gazette.

(3) These regulations shall be applicable to Indian Insurance Companies which have been granted certificate of registration to transact the business of General Insurance or Health Insurance or Reinsurance.

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

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

(ii) "Applicant Company" means an Indian Insurance Company which has been granted certificate of registration in terms of section 3 of the Act to transact the business of general insurance or health insurance or reinsurance;

(iii) "Application" means the application in Form "A" of these Regulations filed by the applicant company for obtaining prior approval of the Authority for issuance of capital under these Regulations;

(iv) "Authority" means Insurance Regulatory and Development Authority of India established under section 3 of Insurance Regulatory and Development Authority Act, 1999;

(v) "Corporate Governance Guidelines" means the guidelines issued by the Authority in this regard;

(vi) "ICDR Regulations" means the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended and modified from time to time;

(vii) "Indian Insurance Company" means an "Indian Insurance Company" as defined in section 2(7A) of the Insurance Act, 1938;

(viii) "Investor" means an "investor" as defined in regulation 2(f) of the Insurance Regulatory and Development Authority of India (Transfer of Equity Shares of Insurance Companies) Regulations, 2015;

(ix) "Offer Document" means an "offer document" as defined under the ICDR Regulations;

(x) "Promoter" of an applicant company means a "promoter" as defined in section 2(69) of the Companies Act, 2013 and includes "Indian Promoter" as defined in IRDA (Registration of Indian Insurance Companies) Regulations, 2000;

Provided that for the purpose of filing of the offer document with SEBI, the definition of "promoter" under SEBI (ICDR) Regulations, 2009 shall apply;

(xi) "SEBI" means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992).

(2) All words and expressions used herein and not defined in these Regulations 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 the Securities and Exchange Board of India Act, 1992 (15 of 1992), or in arty Rules or Regulations ) made thereunder, shall have the same meaning as respectively assigned to them in those Acts, Rules or Regulations.

3. Prior Written Approval by the Authority. - No Indian insurance company transacting the General insurance or Health insurance or Reinsurance business shall approach the SEBI for public issue of shares and for any subsequent issue, by whatsoever name called, under the ICDR Regulations without the specific previous approval of the Authority in writing under these Regulations.

4. Manner and Procedure. - (1) These Regulations shall be applicable to the Applicant Company to raise funds under the ICDR Regulations through any of the following options:

(i) Divestment of equity by one or more of the promoters or the investor(s) through a public offer for sale under the ICDR Regulations; or

(ii) Issue of Capital under ICDR Regulations; or

(iii) Both (i) and (ii)

Provided that any issue of capital other than as specified at (i), (ii) and

(iii) above, including any transfer of shares beyond the specified limits as laid down under section 6A(4)(b)(ii)/(iii) of the Act, shall require the specific prior approval of the Authority. Such transfer of shares and approvals thereof shall be governed by the IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015.

(2) An applicant company proposing to raise share capital through a public issue in terms of these Regulations may do so at any time from the date of grant of Certificate of Registration.

Provided that promoters and/or investors shall abide by the lock in period, if any, specified by the Authority at the time of grant of Certificate of Registration.

Provided further that General Insurance Corporation of India and the insurance companies specified under section 10A of the General Insurance Business (Nationalization) Act, 1972 can apply for approval of the Authority only on satisfactory compliance with the provisions of section 10B of General Insurance Business (Nationalization) Act, 1972.

(3) The application for approval of the Authority shall be filed in Form 'A' of these Regulations.

(4) The Applicant Company may issue shares as fully paid up or partly paid up shares. Where partly paid up shares have been issued, the Applicant Company shall not allow any period exceeding one year for payment of calls on shares.

5. Consideration of application. - (1) The Authority shall consider the applicant company's overall financial position, its regulatory record, the application for issue/offer for sale, the capital structure post issue/offer for sale, and the purposes for which the share capital proposed to be raised, will be applied.

(2) Without prejudice to the generality of (1) above, the Authority shall consider the following aspects for grant of approval:

(i) The period for which the applicant company has been in general insurance or health insurance or reinsurance business;

(ii) The history of compliance with the regulatory requirements by the applicant company;

(iii) The maintenance of the prescribed regulatory solvency margin as at the end of the preceding six quarters commencing from the quarter immediately prior to the date of filing the application;

(iv) Compliance with the disclosure requirements mandated under IRDA Circular No. IRDA/F&I/CIR/F&A/012/01/20 10 dated 28th January, 2010 as amended and modified from time to time;

(v) Compliance with the Corporate Governance Guidelines;

(vi) [Compliance with the Indian Insurance Companies (Foreign Investment) Rules, 2015 and any guidelines issued by the Authority in this regard;]

(vii) The record of policy-holder protection of the applicant company.

6. Approval of the Authority. - (1) While according its approval, the Authority may prescribe the following:

(i) The extent to which the promoters and the investors shall dilute their respective shareholding;

(ii) The maximum subscription which may be allotted to any class of foreign investors;

(iii) Minimum lock-in period for the promoters and the investors from the date of allotment of shares. The lock in period shall be without prejudice to the requirements which may be in place under the ICDR Regulations;

(iv) Disclosures in the Prospectus/Offer document as indicated at Schedule 1 of these Regulations, in addition to such disclosures as may be prescribed by SEBI;

(v) Modification in the Articles of Association of the Applicant company so as to explicitly provide that no transfer beyond the limit specified in section 6A of the Act shall be registered without the prior approval of the Authority; and

(vi) such other conditions as may be deemed fit by the Authority.

(2) Any approval by the Authority under these Regulations shall not in any manner be deemed to be or serve as a validation of the representations by the applicant company in any offer document. This fact shall be disclosed in bold letters in the offer document.

7. The Authority shall not accord its approval if it is of the opinion that:

(a) The applicant company is not compliant with the regulatory framework; or issue of fresh capital, the applicant company shall not be compliant to

(b) [Consequent upon the dilution of shareholding by the promoter(s) and / or Investor (s) or the Regulation 5A and / or 5B of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000]

(c) The grant of approval may be detrimental to the interests of policyholders; or

(d) The grant of approval may not be in the interest of the insurance business in the country.

8. Timelines for approval by the Authority. - The Authority shall process and grant approval on the application as expeditiously as possible, and the applicant company shall ensure prompt response to the queries and requests for information from the Authority for processing the application.

9. Validity of Approval. - The approval granted by the Authority shall be valid for a period of one year from the date of issue of the approval letter, within which the applicant company shall file the Draft Red Herring Prospectus (DRHP) with SEBI under the ICDR Regulations subject to compliance of these Regulations.

Provided that the Authority may, on receipt of a written request from applicant company, extend the validity by a further period of six months.

10. Power to issue Direction. - The Authority may direct an Indian Insurance Company transacting general insurance or health insurance or reinsurance business to get listed on the stock exchange(s) if the circumstances so warrant such company shall, notwithstanding the lock-in period, within a period of one year from the date of such directions, comply with the directions issued by the Authority.

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

Form A

Application For Approval In Terms of Irdai (Issuance of Capital By Indian Insurance Companies Transacting Other Than Life Insurance Business) Regulations, 2015

[Please refer regulation 4(3)]

The Chairman

    Insurance Regulatory and Development Authority of India
    Parishram Bhavan
    3rd Floor, Basheer Bagh
    Hyderabad-500 004

Sir,

In terms of the IRDAI (Issuance of Capital by Indian Insurance Companies Transacting other than Life Insurance Business) Regulations, 2015, M/s (Registration No. dated ) which has completed years of operations, hereby applies to the Authority seeking permission to raise funds through a public issue under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations).

2. The details of the various performance parameters referred to under Regulation 5 are placed at Annexe along with the requisite enclosures as listed below:

    (i) ...................................
    (ii) ...................................
    (iii) ...................................

3. On receipt of the approval from the Authority, the (insurance company) shall file an offer document with the Securities and Exchange Board of India (SEBI) under the ICDR Regulations within a period of one year and shall ensure compliance with the requirements under the said Regulations and such other conditions as the Authority may Impose while granting approval.

Place .......................

Date .......................

Yours faithfully
.....................................

(Signature of the Chief Executive Officer)
......................

Designation
........................

(Signature of the Chairman of the Board)
.....................................

Designation

Annexure to the Application

[Please refer Form A under regulation 4(3)]

1. Name of the applicant Company:

2. Registration No. and Date of Registration:

3. Number of years from the date of commencement of operations:

4. Solvency Position for the last six quarters:

SI. No.

Quarter Ended (Latest quarter first)

Solvency Position

1.



2.



3.



4.



5.



6.



5. Status of Compliance with the Expenses of Management requirements under the Insurance Act, 1938 and the Regulations made thereunder for the last five years:

SI. No.

Financial Year
(latest year first)

Allowable Expenditure (Rs. in Crore)

Actual Expenditure (Rs. in Crore)

Compliance Status

1.





2.





3.





4.





5.





6. Details of net profit, paid up capital and net-worth of the insurer for the last five years:

SI. No.

Financial Year
(latest year first)

Net Profit / Loss
(Rs. in Crore)

Paid up Capital
(Rs. in Crore)

Net worth
(Rs. in Crore)

1.





2.





3.





4.





5.





7. Confirmation of Compliance with the Disclosure Requirements:

M/s................ hereby confirms that it is compliant with the disclosure requirements as mandated in the IRDA Circular No. IRDA/F&I/CIR/ F&A/012/01/2010 dated 28th January, 2010 as amended and modified from time to time.

(Details of deviations, if any should be brought out).

8. Confirmation of Compliance with the Corporate Governance Guidelines:

M/s................ hereby confirms that it is compliant with the Corporate Governance Guidelines issued by IRDAL

(Details of deviations, if any should be brought out).

9. Details of the regulatory action initiated by IRDAI against the insurer during the last five years are as under: (Latest First):

10. Details of company's record of Policy-holder Protection and the pendency of the policy-holder complaints for the last five years:

Grievance Disposal

Sl. No.

Particulars

Opening Balance *

Additions

Complaints Resolved

Complaints Pending

Fully Accepted

Partial Accepted

Rejected

1.

Complaints made by customers**







(a)

Sales Related







(b)

New Business Related







(c)

Policy Servicing Related







(d)

Claims Servicing Related







(e)

Others








Total Number







2.

Duration wise Pending Status

Complaints made by customers

Complaints made by Intermediaries

Total

(a)

Less than 15 days







(b)

Greater than 15 days








Total Number







* Opening balance should tally with the closing balance of the previous financial year.
** Similar break-up to be given for the complaints made by intermediaries.

11. The details of claims outstanding for the last five years:

Claims Outstanding *

SI. No.

Particular

Fire

Marine cargo

Marine Hull

Engineering

Health

Personal Accident

Liability Insurance

Other miscellaneous

Total

1.

Claims O/S at start of the year










2.

Claims intimated/ Booked during the year










3.

Claims Settled during the year










4.

Claims Repudiated during the year










5.

Claims O/S at the end of the year










Age-wise details of outstanding claims


0-3 months











3-6 months











6- 12 months











1 year to 3 years











3 years to 5 years











5 years and above










* Details to he furnished for both number of claims and amount of outstanding claims.
** Motor may further be segregated into Motor OD and Motor TP.

12. The details of the pre and post issue shareholding pattern are as under


SI. No.


Name

Existing Sharehoding Pattern

Proposed Offer for Sale/issue

Proposed shareholding pattern

Status (Indian/ foreign)

No. of shares held

Per cent held

No. of shares

Per cent

Status (India/ foreign)

No. of shares

Per cent

1.










2.










3.










...










...










13. Confirmation of compliance with Indian Owned and Controlled:

M/s ............hereby confirms that it is compliant with the requirements of Indian owned and controlled as defined under section 2(7A)(b) of the Act read with Indian Insurance Companies (Foreign Investment) Rules, 2015 and Guidelines issued by the Authority and shall continue to be compliant after the issue of capital in accordance with this application.

14. The requisite extracts of the Board meeting held on duly certified by the Company Secretary approving the issuance of capital/offer for sale as proposed by the applicant company are enclosed.

It is hereby confirmed that the information furnished in Form A and Annexure along with the attachments therewith is correct and complete to the best of my knowledge and belief and nothing has been concealed or suppressed.

......................
(Signature of the Chief Executive Officer)

.....................
Designation

...............
(Signature of the Chairman of the Board)

.....................
Designation

Place........

Date.........

Schedule 1

[Please refer regulation 6(1)(iv)]

Disclosure Requirements for Insurance Companies

The Securities and Exchange Board of India (SEBI) has laid down the framework for issue of capital and disclosure requirements in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR). Part 'A' of Schedule VIII of the ICDR lays down the disclosure requirements in the Draft Red Herring Prospectus, Shelf Prospectus and Prospectus.

An applicant company seeking to issue capital/make an Offer for Sale under these Regulations shall make the following disclosures in the offer document. These disclosures shall be in addition to the prescriptions laid down by SEBI in the ICDR Regulations and shall not be seen in derogation from the requirements prescribed by SEBI:

(a) Risk factors specific to the applicant company;

(b) Overview of the insurance industry;

(c) Disclosure of Financial Statements;

(d) Glossary of terms used in the insurance sector;

(e) Particulars of the Issue;

(f) Particulars about the Issuer;

(g) Legal and Other Information.

The details of disclosures are as indicated below:

(a) Risk factors specific to the applicant company

The Offer Document shall list out the risk factors specific to the insurance sector, to be broadly segregated into the following categories:

1. Insurance Risk: - Risk arising because of inaccurate estimation of the best estimate or because of random fluctuations in the frequency and size of the claims and other cash flows.

2. Market Risk: - Risk arising out of variations in the level or volatility of the market price of assets, liabilities and financial instruments due to external market and economic factors.

3. Credit Risk: - Risk of default of a counterparty or obligor, including the risk of default of risk mitigating contracts like reinsurance and financial derivatives.

4. Liquidity Risk: - The risk that the business will encounter difficulty in realizing assets or otherwise raising funds to meet commitments.

5. Operational Risk: - The risk of loss, resulting from inadequate or failed internal processes, people and systems, or from external events.

6. Catastrophic Losses Risk: - Material impact on profitability or cash flow due to catastrophic losses.

7. Reinsurance Risk

    • Failure to obtain reinsurance on timely basis.

    • Default by one or more reinsurers.

8. Legal Risk: - Material adverse impact on ultimate claim liability of unfavourable outcome of one or more legal action: The Insurance Regulatory and Development Authority of India Legal actions are inherent in general insurance, health insurance and reinsurance businesses. Insurers are subject to litigation and other legal proceedings as part of the claims process, the outcomes of which are uncertain. In the event of an unfavourable outcome in one or more legal matters, the ultimate liability of the company may be significantly high especially in case of Motor Third Party insurance Claims.

9. Regulatory Risks:

    • Material effects due to Regulatory changes

    • Regulatory investigations and the resulting sanctions or penalties may adversely affect the reputation, business, result of operations and financial condition of the insurance company

10. Distribution Risks:

    • Over dependence on certain distribution channels.

    • Failure to develop various distribution channels.

    • Difficulty in developing agency force.

11. Other risks

    • Excessive dependence on select actuarial personnel.

    • Difficulty in understanding financial statements

    • Effects of unexpected claims and coverage issues

    • Concentration by region/type of policies issued by the insurance company

    • Cyclical nature of insurance industry.

    • Difficulty in predicting benefits, claims and other costs or to manage such costs.

    At the minimum, the associated risks shall cover the illustrative list as prescribed by the Authority from time to time.

(b) Overview of the insurance industry

The overview of the insurance industry shall briefly cover the background of the insurance industry, the global and domestic insurance environment, industry outlook, analysis of trends, Investment of funds by the sector, FDI in Insurance Sector, Intermediaries, changes in Insurance Legislation, and compliance status with the applicable Corporate Governance Guidelines furnishing particulars on the following aspects:

1. Introduction

2. Background about Insurance Industry

      2.1. Overview of the Insurance Industry

      2.2. Insurance Regulatory and Development Authority of India

3. Global Insurance Environment-A brief on global and domestic scenario covering insurance penetration, density, growth of industry, etc.

      3.1. Global Insurance Environment

      3.2. Domestic Market Overview

4. Industry Outlook-General Insurance or standalone Health insurance or Reinsurance-Total premium underwritten

      4.1. Market Share (% share)

      4.2. Growth of Business

5. Analysis of Trends-General Insurance or standalone Health insurance or Reinsurance

      5.1. General Insurance

        5.1.1. Enlarged Coverage

        5.1.2. Introduction of New Products

        5.1.3. Tariffed and non-tariffed products

        5.1.4. Reinsurance supported Products

      5.2. Health Insurance

        5.2.1. Enlarged Coverage

        5.2.2. Introduction of New Products

      5.3. Reinsurance Business

6. Investment of Funds by the Insurance Industry

      6.1 Investment Pattern

7. FDI in Insurance Sector

8. Intermediaries

      8.1. Commission Structure

      8.2. General Insurance or Standalone Health Insurance or Reinsurance

9. Changes in Insurance Legislation

      9.1. Change in Insurance Legislation

      9.2. Regulatory Issues and Changes

      9.3. Consumer Related Changes

      9.4. Removal of Redundant Clauses

      9.5. Enhancement of Enforcement Powers of the IRDAI and Levy of Penalties

10. Corporate Governance Guidelines for Insurance Companies

11. Conclusion

(c) Disclosure of Financial Statements

Disclosures specific to the insurance industry would broadly cover the following aspects:

1. Presentation of the financial statements: - The presentation of financial statements shall be made for the period as specified in the ICDR Regulations as per the formats prescribed by the Authority from time to time.

2. Significant accounting policies: - Disclosure of the significant accounting policies while recasting the financial statement shall also be made.

3. Additional disclosures - shall be made to the financial statements:

    i. Gross premium-along with Geographic segmentation

    ii. Cross selling

    iii. Distribution network

    iv. Operating expense ratio

    v. Investment yield

    vi. Investment in Equity and Bonds - yield, exposure to each industry and total investment and also Investment of above 5% of total Funds in each sector through equity and bonds

    vii. Reinsurance and Reinsurance Strategy: Number of re-insurers with break-up domestic and foreign

      • Rating of reinsurers

      • Type of arrangement with Reinsurers

        A. Treaty Reinsurers

          1. Proportional treaties

            a. Obligatory and

            b. Others

          2. Non-proportional Treaties

            a. Excess of Loss

            b. Stop Loss

            c. Any other

        B. Facultative Reinsurance

        C. Obligatory and

        D. Others

      • Reinsurance balances outstanding-age-wise

      • Maximum Probable Loss Ratio

    viii. Incurred but not reported (IBNR)/Incurred but not enough reported (IBNER)

    ix. Claims outstanding for the last five years

    x. Awards given by Ombudsmen against the Insurance Company for last three years

    xi. Interest rate sensitivity

    xii. Manner of arriving at unrealized gains/losses

    xiii. Solvency ratio

    xiv. Agent Productivity

    xv. Certification by the Auditor confirming that the amount of liabilities have been determined in the manner prescribed in the IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000 and the amount of liabilities are fair and reasonable. The Auditor shall also certify that the amount of liabilities includes the IBNR (and the IBNER) reserves have been determined by the appointed actuary

    xvi Details of Experience analysis; adequacy of premiums; adequacy of reserves, Assets Liability Management; and Current Financial Condition as required to be disclosed under the Financial Condition Report for General insurance, health insurance and reinsurance companies as stipulated by the Authority

    xvii. A comparison of year-wise provisions made and the actual payouts made for last five years

    xviii. Accounting and other ratios: The ratios with specific reference to the insurance industry as prescribed by the Authority from time to time shall be disclosed.

4. Details of the Company's record of Policy-holder Protection and the pendency of the policy-holder complaints for the last five years, including but not limited to grievance redressal and ageing of claims.

5. Legal and Other Information: Compliance with the regulatory requirements laid down by the Authority under the Insurance Act, 1938, IRDA Act, 1999 and the Regulations framed thereunder.

(d) Glossary of terms used in the insurance sector: - At the minimum, the illustrative glossary of terms as prescribed by the Authority from time to time shall be included in the Offer Document giving details of the Issuer and industry related terms.

(e) Particulars of the Issue: The following disclosures shall be made about the objects of the Issue:

    a. to augment the solvency requirement;

    b. general corporate purposes; and/or

    c. any other purpose which has the specific approval of the Authority.

(f) Particulars about the Issuer:

The following additional disclosures shall be made about the insurance company:

    1. Corporate Governance:

      • Disclosure to the effect that the insurer has complied with the requirements of Corporate Governance as laid down by the Authority in addition to those contained in the Listing Agreement.

      • Details of all Committees set up by the issuer, including the names of committee members and a summary of the terms of reference under which the respective committee operates.

    2. Key Managerial Persons

    3. Investors

    4. Promoters

(g) Legal and Other Information:

Disclaimer clause: The declaration indicating that Insurance Regulatory and Development Authority of India ("IRDAI") does not undertake any responsibility for the financial soundness of the insurance company or for the correctness of any of the statements made or opinion expressed in this connection.

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