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The Insurance Regulatory and Development Authority issues regulations to amend the definition of Rural Sector for insurers. Insurers apply the new definition from the publication date of July 30, 2004. Rural Sector means places or areas classified as rural in the latest decennial population census. This update changes the classification rule for rural sector obligations.
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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION Hyderabad, the 30th July, 2004
Insurance Regulatory and Development Authority (Obligations of Insurers to Rural or Social Sectors) (Amendment) Regulations, 2004
F. No. IRDA/Reg./3/2004.—In exercise of the powers conferred by Section 32B read with Section 32C of the Insurance Act, 1938 (4 of 1938), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend the Insurance Regulatory and Development Authority (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002, (notified on October 17, 2002 in the Gazette of India. F. No. IRDA/Reg./10/2002) namely :—
(2) They shall come into force from the date of their publication in the Official Gazette.
"(c) 'Rural Sector' means the places or areas classified as 'rural' while conducting the latest decennial population census (Census of India)."
PRABODH CHANDER, Designated Officer [ADVT-3/4/Extraordinary/161/04]
