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The authority removes the annual renewal process for the Certificate of Registration issued to insurers. The Government of India notifies the Insurance Laws (Amendment) Act, 2015. This act amends Section 3A of the Insurance Act, 1938. Insurers do not receive the Renewal Certificate of Registration on an annual basis from 26 December 2014. Insurers still pay the annual fee prescribed by the regulations. The Certificate of Registration renewed in 2014 and expired on 31 March 2015 continues to remain in force from 1 April 2015.
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Ref.: IRDA/F&A/CIR/GLD/062/04/2015
7th April, 2015
To
All Insurers including Reinsurer
Sub.: Certificate of Registration issued under Section 3 read with Section 3A of the Insurance Act, 1938
The Government of India has notified the Insurance Laws (Amendment) Act, 2015 on 23rd March, 2015. The Insurance Laws (Amendment) Act 2015 which is effective from 26th December, 2014 has amended the provisions of the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999.
Section 3A has been amended by the Insurance Laws (Amendment) Act 2015 to remove the process of annual renewal of the Certificate of Registration issued to Insurers under Section 3 of the Insurance Act, 1938. The Insurers shall however, continue to pay such annual fee as may be prescribed by the Regulations. Thus, w.e.f. 26.12.2014 insurers shall not be issued the Renewal Certificate of Registration (IRDA/R6) on an annual basis.
Accordingly, the Certificate of Registration of the Insurers renewed in 2014 and which expired on 31 March 2015, shall continue to be in force from 1 April 2015, subject to the provisions of Section 3A read with Section 3 of the Insurance Act, 1938.
[Image omitted. See the official document.]
(T S Vijayan) Chairman
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत ढ: 91-040-2338 1100, फैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in
