IRDA(Obligations of insurer~s to Rural or Social Sector) (Fourth Amendment)

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Nn. lltl)A/llq!.li.tU/2008.---.n exercise or 11,c fHlll ns e11111h red by Sci;! 1<11, )~C · rc:rd w Iii Sc<'I iPtr ·12r, 1•f lite ltt~lllllll l'C /\cl, 1931' ('l or I 1>,'iX), Ilic A11i11ori1y, 111 consul1u1io-1 willt 1ltc l,1s111·,11JCC Adv, ;ory C,1111111oll.:-c, hereby m:1k~.~ lhc follcming llxgul:i1i1111~ 111 J'ml11l'I' ;1111c11d / Tl IE GAZ!JTTI~ OF INDIA : EXTRAOHDINARY I i'MU u: - SJ;<,, ·11 ,he Insurance. Rcgulnlo1y and Dcvclopmcnl t\ulhority (Obligations of lnsu.rcrs 10 Rnral or Social Sectors) Regulations, 2002, notilie<l 011 October 17. 2002 in the Gaze I.le of India F. No.- JRDA/Reg./l 0/2002, ainc11clccl on •July.JO, 20(M in 1hc Ga 1zcttc of Ind in F. No IRDA/Rcg./3/ ,2004; December 26, 2005 iJ1 the Gazcllcoflndia r. No. lRDN ;-Reg./4/2005/37; and January 3, 2008 in the Gazell~ nf India F. No. llWNRcg./l/42/2008, namely:-- ' . I. Short tillc 1111d co111 mcnc.r.mc11 t-( I) These regulations may he called t.l\c Insurance Rcgulntory and 'Development Authori1y (Obligations ol'lnsurcrs l<J Rural ;:;,-Social.Scclor5) (Fourth Amcnd,ncmt) Hcguln1ions, 2008. a (2) They shall come inlo force on tile dale of"1hew · ·publication in 1J1e Orlicial Gazelle. (1) Iii 1hc Insurance Rcgulalmy illld Development Authority (Obligations of Insurers to Rural or Socinl Sectors) R~gulations, 2002, . ·,:·.-:-_,._._•'.""• ,•;--_•;.:~.=-;;:;.:..r ... · The lirsl proviso tn i:;r.gul:Hi1H1 J sl,;dl b,1 driclt:t! • und replaced lo read 11s 1111d,1·: 'Prov1ctcd that in cas1)whcre ,111 insurance company cornmcm'.CS opcrnlion~ in thci second half oflhc fi- nnncinl year a11CI is ui' opcralious for ks~ lh~n ~ix months as· ut 3 h;t tv1;Jrc.h of the n:lcvc111I fiot111ciul year, 1,1) no rl1ral or so,iinl scc1nr obli0a1 ions slwll be ' t I' ·~ :;-.. applicable for lhe 5;:gJ period, ard (ii) llw aPnu~I oblig:.itionn1s inJical~·d in the Rcgubtions shall be reckoned froll\ the no:-.i linancial y~ar which ~hall be conskler<;d as -the 11, ~t year of opcn1I ions 1(1r Ilic puqms() ofcomplianl·"· In cas1·s where an insurance <;0111r•any comrm;11cc1; r,pern1in11s in tile- liri,I h,df l'f lhc fin,111ciul year, 1hr applicable •Jbligalio115 for lh(\ fllst year ::hall be 50 per cent or lhc 1,blig.11io11,: "~ spcc;licd in these R~L(ulario115, · •· . ,·, , .... -' C. S. RAO. Chainnar, I.ADVT IIJ/,l/16i.'08-l\x1y.j 1'11ntcd b;·lhc ·M;;,;~-;;;:-Govl nf ln<l1a l'rcss. R111g l;~;;·M::;;~:,;N;,., Ddlii-110()(,4 · . • anti l'uhlishccl'hy the Conrrollcr or J'11hlic;,1io11~. Ddhi•.\ 1110~-.I.