Applicability of Regulations to Registered Reinsurance Entities · IRDA/RI/CIR/MISC/004/01/2019
IRDAI circular IRDA/RI/CIR/MISC/004/01/2019 · 07 Jan 2019
Official title
Applicability of Regulations/Guidelines/Circulars to registered reinsurance
IRDAI circular IRDA/RI/CIR/MISC/004/01/2019 · 07 Jan 2019
Official title
Applicability of Regulations/Guidelines/Circulars to registered reinsurance
Summary
Check the official recordThe Insurance Regulatory and Development Authority of India clarifies that specific regulations, guidelines, and circulars do not apply to registered reinsurance entities. Indian reinsurers, branches of foreign reinsurers, Lloyd's India, service companies of Lloyd's India, and IFSC insurance offices receive exemptions from several product filing, policyholder interest, record maintenance, and rural obligation rules. Furthermore, the circular on estimating economic capital of non-life insurers applies to Indian reinsurers but remains inapplicable to foreign reinsurer branches, Lloyd's India entities, and IFSC insurance offices.
Who is affected
Exceptions
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
Ref: IRDA/RI/CIR/MISC/004/01/2019
$7^{\text{th}}$ January, 2019
To
CMDs/CEOs of Indian Reinsurers, Branches of Foreign Reinsurers (FRBs) & Lloyd's India and In-charges of IFSC Insurance Offices (IIOs) registered for carrying on reinsurance business.
Re: Applicability of Regulations/Guidelines/Circulars to registered reinsurance entities.
The Reinsurance Expert Committee (REC), constituted by the Authority, had submitted its recommendations on the regulatory framework for reinsurance entities. Authority has also received representations from registered reinsurance entities and GI Council to provide clarification on applicability of certain regulations /guidelines/ circulars to Indian Reinsurers, FRBs and Lloyd's India. Authority has reviewed the representations and applicability of other relevant Regulations/Guidelines/Circulars.
On the basis of the review and recommendations of REC, it is clarified that the below mentioned Regulations/Guidelines/Circulars shall not be applicable to Indian Re-insurers, Branches of Foreign Re-insurers, Lloyd's India, Service Cos. of Lloyd's India and IFSC Insurance Offices registered for carrying on reinsurance business.
| Sl No. | Regulations/Guidelines/Circulars | Reference No | Date of Issue |
|---|---|---|---|
| 1 | Guidelines on Product Filing Procedures for General Insurance Products. | IRDAI/NL/GDL/F&U/030/02/2016 | 18.02.2016 |
| 2 | Guidelines on Product Filing in Health Insurance Business. | IRDA/HLT/REG/CIR/150/07/2016 | 29.07.2016 |
| 3 | File and Use Procedure - Life Insurance Products. | IRDA/ACTL/FUP/VER 2.0 | 12.12.2001 |
| 4 | IRDAI (Protection of Policyholders' Interests) Regulations, 2017. | IRDAI/Reg/8/145/2017 | 22.06.2017 |
| 5 | IRDAI (Maintenance of Insurance Records) Regulations, 2015. | IRDAI/Reg/10/100/2015 | 12.08.2015 |
| 6 | IRDAI (Obligations of Insurer to Rural & Social Sector) Regulations, 2015. | IRDAI/Reg/13/103/2015 | 24.08.2015 |
| 7 | Guidelines on Trade Credit Insurance. | IRDAI/NL/CIR/CRE/044/03/2016 | 10.03.2016 |
| 8 | Circular on estimating Economic Capital of Life Insurers. | IRDA/ACT/CIR/LIF/049/03/2010 | 11.03.2010 |
It is further clarified that the Circular on estimating Economic Capital of Non-Life Insurers (including Stand Alone Health Insurers), Ref No- IRDA/ACT/CIR/MIS/ 111/05/2011, dated 25.05.2011 shall not be applicable to Branches of Foreign Re-insurers, Lloyd's India, Service Cos. of Lloyd's India and IFSC Insurance Offices registered for carrying on reinsurance business. However, the said circular shall be applicable to the Indian Re-insurers.
The above clarification is issued under Regulations 14 of the IRDA Act and under Power of Authority to issue clarifications in respective regulations/guidelines.
[Image omitted. See the official document.]
(P.J. Joseph) Member (Non-Life)