IRDAI circular IRDAI/F&A/CIR/MISC/26/2/2022 · 16 Feb 2022
Official title
Holding more than one Certificate of Registration to one group–IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015
Summary
Check the official recordThe Insurance Regulatory and Development Authority of India restricts the number of Foreign Reinsurance Branch registrations for a single group. No entity within a group may apply for a Certificate of Registration if another entity of the same group already holds one. This rule applies to all foreign companies that operate as a branch in India under the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015. The instruction takes effect immediately.
What you must do
Key dates
Who is affected
[Image omitted. See the official document.]
भारतीय बीमा विनियामक और विकास प्राधिकरण
INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY OF INDIA
IRDAI/F&A/CIR/MISC/26/2/2022
February 16, 2022
Circular
All CEOs of FRBs
Sub: Holding more than one Certificate of Registration to one group – IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015
Clause (d) of sub section (9) of Section 2 of Insurance Act, 1938 provides that a “foreign company” engaged in reinsurance business can transact the business of reinsurance through a branch in India.
Accordingly, it is clarified that where the ‘applicant’ as defined under Regulation 2(b) of the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 falls within a group, no other entity of that group shall be eligible to apply for Certificate of Registration to act as Foreign Reinsurance Branch in India.
This Circular is issued in accordance with the powers conferred under sub section (1) of section 14 of Insurance Regulatory and Development Authority Act, 1999.
The above instruction comes into force from the date of this Circular.
NAGHARAJA N RAJESWARI
S N Rajeswari
(Member-Distribution &
I/C of Finance)
सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुड़ा, हैदराबाद-500 032, भारत
Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India
✆: +91-40-2020 4000 वेबसाइट : www.irdai.gov.in
✆: +91-40-2020 4000 Website : www.irdai.gov.in
