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The Insurance Regulatory and Development Authority of India defers the enforcement date of Regulation 28(9) of the IRDAI (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015. This regulation defines the order of preference for Indian insurers to offer participation in facultative and treaty surpluses. The Authority defers the enforcement because no foreign reinsurer holds registration for branch operations in India yet. Insurers continue to follow the regulatory provision under regulation 3(12) of IRDA (General Insurance-Reinsurance) Regulation 2013 until the new arrangement takes effect. The deferment stays in force until further orders from the Authority.
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भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Circular
No: IRDA/NL/CIR/RIN/036/02/2016
Date: 29-02-2016
To
All CEOs/CMDs of all General Insurance Companies, Standalone Health Insurance companies & GIC Re.
Re: Deferment of date of enforcement of Reg 28(9) of IRDAI(Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015
The Authority had notified IRDAI's (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015 vide notification dated 19th October, 2015.
The regulation 28(9) of IRDAI's (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015, defined the order of preference, in which the Indian Insurer shall offer for participation, in its facultative and treaty surpluses. This regulation was subsequently revised vide notification dated 28-01-2016.
We understand that the insurers are currently in the process of making reinsurance program for the next financial year. However, since no foreign reinsurer has been granted registration for commencement branch operation in India, so far, the Regulation 28(9) of IRDAI's (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015, cannot be followed for the treaty placements, immediately.
Therefore, if has been decided to defer the date of enforcement of Regulation 28(9) of IRDAI's (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd's) Regulations, 2015, until further orders from the Authority.
The regulatory provision stipulated under regulation 3(12) of IRDA (General Insurance-Reinsurance) Regulation 2013 shall continue, until the new arrangement is made effective.
[Image omitted. See the official document.]
Suresh Mathur Sr. Joint Director
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत (श) : 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
