IRDA (Obligations of Insurers to Rural or Social Sectors) Regulations, 2005

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2 THE GAZETTE OF INDIJ\: EX.TRAORDINARY =-=--=--====-= L~SUR,\:--iCE REGUL\TORY ANO OEVELOP:\tE~'T UTIIORm' NOTIFICATIO?"; H)dcrabad, 1hc 26th December. 2005 ln~uraucc lkeulato~ ;inti Dc,·clo11mcnt Authurit) (Ohlie;itinn of lmurcr~ to Rur:ll or Social Sc1;tnrs) (Amcntlmcnl) RCJ.,rulatiuns, 211115 f. Z-..o. IRDiVRcg./4/20115/J7.-ln exercise oflhc powers conferred by Secuon .32C read with Secuon 328 oftl1c Insurance Acl, 1938 ( 4 or 1938), lhc Au thorn~ m consuhalion willi the Insurance Advisory Committee hcrcb) makes the follo\\mg R.eguliltions to flinhcr amend the Insurance Regulatory and Dcvcloprncnl Authority (Obligalion of I nsurcr~ 10 RurJI or Social Sectors) Regul:11ions, 2002. namclv .- <1) These rcgnlntmns ma) be co lied the Insurance Rcgulalory and De, elopment Authority (Obligation of Insurer.; to Rural or Social Sectors) (Amendment) Regulnlions, 2005. (2) They shall come it1to force on the date ofthc1r publication in the Official Gazette. O) In th!.!. Insurance Regulatory and Oevelopmcnl Authority (Obhg:nion of Insurers to Rural or Social Sc.:tors) Rcbrtllanons. 2()()2. (il After Regula lion 3, tl1c full owing RegulatLOn JA shall be added "JA-Ohlit?ation in thcSiith fin,tncial Year: fa-Cl)' insurer, who begms 10 cart) on msuram:x: business nrterthc commencement oftbe lm,,u··dncc Rcgulnton and De-. clopmenl Authonty Act, 1999 (41 of 1999), shall. for the purposes ofSccuons 128 and 32C oflhe Act, ensure that he 11nd1.'Tt,1kcs the folio\\ ing pbhgauons. dunng tJic S1\lh Financial year of operations· '3} In respect oflifc m~11rcrs. eighteen per cent of the total pohc1cs written direct shall be in the rural sector (b) In n:spcct. of the non-h~ msurcrs. fhc per cent oru,e total gross premium mcomc wnllen llircct shall be m lhc naral sector. and (c) In respect or all i usurers, mentJ five thousand nc,, hvcs shall be covered m the socul i;ector and lhc pol11.:1c) should be in force on 31 '-I March of the )Car" C S. RAO. Ch.unn,m [AD\T lll/lViE'.1) 11,1/051 Pnntcd by the M1nai;u, Go\t al lnJfa l'rcss. Ring RmtJ ~h,-apun Ne" l)elt11,I IU011~ ~nd Publi.shcJ t,v lh.: C'onlrallcr 111 l'uhli~;;hun,. Ddlu-1 IOOH