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Regulation 28(9) of the IRDAI Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd's Regulations, 2015 takes effect immediately. The Authority cancels the previous deferment of the regulation. This regulation applies to foreign reinsurers other than Lloyd's and Indian reinsurers that receive a certificate of registration.
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Title:CIRCULAR
Reference No.: IRDAI/NL/CIR/RIN/021/01/2017
Date: 16/01/2017
Date of enforcement of Reg 28(9) of IRDAI (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyds) Regulations, 2015 amended vide notification dated 28.01.2016
This has reference to Circular Ref: IRDA/NL/CIR/RIN/036/02/2016 dated $29^{\text{th}}$ February, 2016 (uploaded in IRDAI Website on 01.03.2016) on the subject. Vide the circular, the Authority had deferred the date of enforcement of Regulation 28(9) of IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd's Regulations), 2015 (amended vide notification dated 28.01.2016).
The Authority has recently granted R 3 (Certificate of Registration) to 5 foreign reinsurers' branches as well as one Indian Reinsurer. It has now been decided that Regulation 28(9) of IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd's Regulations), 2015 (amended vide notification dated 28.01.2016) shall take effect immediately.
P J Joseph
Member (Non-Life)
