IRDA Obligation of Insurers to… — F. No. IRDA/Reg./4/2005/37.

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IRDA Obligation of Insurers to… — F. No. IRDA/Reg./4/2005/37. | IRDAI regulation · Complied AI

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What changed

The Insurance Regulatory and Development Authority issues regulations to amend the Insurance Regulatory and Development Authority (Obligation of Insurers to Rural or Social Sectors) Regulations, 2002. Every insurer who begins to carry on insurance business after the commencement of the Insurance Regulatory and Development Authority Act, 1999 ensures specific obligations during the sixth financial year of operations. Life insurers write eighteen per cent of total direct policies in the rural sector. Non-life insurers write five per cent of total gross direct premium income in the rural sector. All insurers cover twenty-five thousand new lives in the social sector with policies in force on 31st March of the year.

What you must do

Life insurers must write eighteen per cent of total policies direct in the rural sector during the sixth financial year of operations.
Non-life insurers must write five per cent of total gross premium income direct in the rural sector during the sixth financial year of operations.
All insurers must cover twenty five thousand new lives in the social sector during the sixth financial year of operations, with policies in force on 31st March of the year.

Key dates

Effective from: 26 Dec 2005
Date of publication in the Official Gazette and commencement: 26 Dec 2005

Who is affected

Every insurer who begins to carry on insurance business after the commencement of the Insurance Regulatory and Development Authority Act, 1999

Thresholds

Life insurers must achieve eighteen per cent of total policies written direct in the rural sector.
Non-life insurers must achieve five per cent of total gross premium income written direct in the rural sector.
All insurers must cover twenty-five thousand new lives in the social sector.

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Document text

Prepared for reading; wording retained from the source.

Official PDF

2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

NOTIFICATION

Hyderabad, the 26th December, 2005

Insurance Regulatory and Development Authority (Obligation of Insurers to Rural or Social Sectors) (Amendment) Regulations, 2005

F. No. IRDA/Reg./4/2005/37.—In exercise of the powers conferred by Section 32C read with Section 32B of the Insurance Act, 1938 (4 of 1938), the Authority in consultation with the Insurance Advisory Committee hereby makes the following Regulations to further amend the Insurance Regulatory and Development Authority (Obligation of Insurers to Rural or Social Sectors) Regulations, 2002, namely :—

(1) These regulations may be called the Insurance Regulatory and Development Authority (Obligation of Insurers to Rural or Social Sectors) (Amendment) Regulations, 2005.
(2) They shall come into force on the date of their publication in the Official Gazette.
(3) In the Insurance Regulatory and Development Authority (Obligation of Insurers to Rural or Social Sectors) Regulations, 2002,
(i) After Regulation 3, the following Regulation 3A shall be added :-

"3A—Obligation in the Sixth Financial Year :

Every insurer, who begins to carry on insurance business after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall, for the purposes of Sections 32B and 32C of the Act, ensure that he undertakes the following obligations, during the Sixth Financial year of operations:—

(a) In respect of life insurers, eighteen per cent of the total policies written direct shall be in the rural sector.
(b) In respect of the non-life insurers, five per cent of the total gross premium income written direct shall be in the rural sector, and
(c) In respect of all insurers, twenty five thousand new lives shall be covered in the social sector and the policies should be in force on 31st March of the year"

C. S. RAO, Chairman

[ADVT. III/IV/Exty./161/05]

Printed by the Manager, Govt. of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

IRDA Obligation of Insurers to Rural or Social Sectors Amendment Regulations 2005

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IRDA Obligation of Insurers to Rural or Social Sectors Amendment Regulations 2005

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