IRDA( Obligations of Insurers to Social sector) Regulations~ 2000

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0 0 INSUR~CE REGULATORY AN.O l>EVELOPMENT AUTHORITY NOTIFICATION New Delhi, 1he Hlh July, 2000 lnsurHnCC Regulatory and Dc,,clopmcnt Authority (Obligations of Insurers to Rural S1ich1l Sectors) Regulations, 2000 F.No. I RDA/Rcg/7/2000.- /,J c'(.t·rc ise 11/ tire J>il'.t.CI'\ ( unkrred 11\' w:c1ton J~C read wllh sechon 32B uj' the ln~uranc:e lf<~t. IY.if/, /4 of 19.18), ,1,., .foI/1oriI1 . in , m1.rnlcatm11 1111th th<! lnsura11ce Adviso1} Comn111tee, herebr nwlw~· lhc /nlltJH'III.~ r<',t:.rtlation., munclv - I. ~hon title a11<1 comme11cernent.----(I) These regulanons may be calll,d U1e lnsuranc~ Regulatory 1111d Developmenr A111homy (Ubligauons of Insurers to Rurnl or Social Sec1ors) Rcgula11ons. 2000. <2) They shall come mlo 1,,rcc trom !he date of the tr pubh,;atio11 m Lhe Official Gazette. 2. Odi11ilions.- In these rcgul~uons. unless tl1e con1cxt 0U1erw1sc requires - (a) "Au ·· 1111:ans the Insurance Act. 1938 (4 of 193&}; 0 (bl "A111horm· .. means the Insurance Regulatory and Devdopmem Authority esLablished under the pr(ll'1sio11s of scct1011 3 of Lhc Insurance Regulatory and Development Authority Acl, 1999 (41 of ,o 1999): I cJ "Rural .,,:cwr" shall mc,m any place as per the latest census which has- ( 1) a populauon of 1101 rnorc 1han fi"e thousand: ( 11) a <lcnsity of µopula1ion l)i not more than four hundred per square kilometer: and (111 i al least seventy r,vc p..-r cenr. ,,fthe mak work.mg popula1ion is engaged m agncuhurc. ((I) "Social sccw, .. includes unor1tamsed s,,ctor, infonnal sector. cco11om1cally vulnerable or hack.ward cla~sc~ and other catc·~or,es of persons. both ,n rural and urban areas: (d "Unorgarnsed sector" ,ncludcs ,clf~cmployed workers such as agricultural labour<--rs. b1d1 workers. bnck kiln workns. carpenters. cobblers. construction workers, fishermen. hamals. hand1crutl arusans. hundluom and khad, workers. lady t:ulors, leather and tannery workers. papad makers, powerloom wc,rkers. phys1cally handicapped self-employed persons, pnnwry milk producers. rickshaw 1111llers. ,;ifo1 ka1111achans. s'1h grnwers, sen culture workers. sugarcane cutters. 1cndu leaf co.llectc,rs. 1o<ldy wppd,. ,cg~wblc vendors, wusherwomcn. workmg women in hills, or ~ut;h other catcgoncs 01 persons .. \ n "cco1101111cally vulncr:ibl<' or hack ward classes'' means persons who live below the pove1ty line: THE GAZE1TE OF INDIA : EXTRAORDINARY (g) "other cacegones of persons" mcludes persons with disability as defined in !be Persons with IJ1sabilioes (Equal OpportllllJLJCs. l'rotcct1on of Rights, and Full Participati<ln) Act, 1995 and who may not be !(U1nfuUy employed; and also includes guardians who need msurancc to protecl ,T>astic persons or persons with disab,l!ty; (h) All words and expressions used herein and 1101 defined herein bur defined 111 the Insurance Acl. 1'138 (4 or J')3g) ,w m the lnsurnncc Regulatory and Dtvelopmenl Authonty Act. 1999 (41 of 1999). shall have tbc mcanm~s respccuvely assigned to them m those Acts. 2. Obligations.-• l;,·c.-y 111st1rcr. who begins to c«IT)' on msurance bus:ness after the <.:<,mmcncemem ot Ille IJ1surnn<.:c· Regulatory and Development Authonty Act. I 999 (41 of 1999), .,hall. for lhl' 1>11rp1,,c, nl ,cct1om, 121:l and J2C of the Act. ensure thal he undertakes the following ,,hlig:11100,. uum,g the t1r,1 liw f111a11c1al years. pert:aming to the person& m-- (11/ rural ,ec1or. (,) 111 respect 01·u /(ie i11s11rer. •- (I\ live per cent. 111 the first financial year: / m seven per cent. m the second financial year; (Ill) ten per cent. ui the thud financral year; (l\ll 1wclvc per cent. 111 rhe fourth linanc,al year: ( V) liften per ecol. in U1e Jitth year; ut 1mai polic•es wnHcn direct 111 that year (Ji) 111 1-espcct uf" Ji.:llerul imurer. · · (I) two per cent. in the fir,,L tinancia l year: (11) three pi:r cem. 1n the ~ccond financial year: (Ill) live per ccn1. lhercaller, of t11tal gross prcnm,m income wnllcn direct m that year. /1,) sod al ~ecwr. 111 rcspec1 ol aU insurers.-· t I J l°l'C thousand lives m the first financial year; (11) seven 1housand live hundred lives m the second tinai1cial year: ! 111) ten tho11saml Ii vc~ Ill the third financial year; (IV) fl lk<:n thousand lives m the fourth firrnncml yi;ar; (V) twemy thousand ltves m th~ linh yt:ar; Provided that m the hrs1 l1nancial y~;,r. where the period of operation is less than 1welve mooths. propur110Mtc pc1x:cn~1gc or n11mbcr ot hvcs. as the case may be. shall be undertaken. l'rovHlcd fur1her that. 111 cas~ ,11'" general insurer. Lhc oblignrions specified shall rnclude msur-JnCI! fo1 crop:-._ l'rovuled turtlwr tll,11 the Au1ho11ty may normally. once in every five years. prescnbe or revise the ohltg.:..i11011s :.t:-. :-.pt!i.:dH.:d m Regulation 3 }. Oblig:1tions of e~btiug insurer,.-- 11) TI1e obhttauons ol extstmg insurers :is .on the dale of ,01111ne11cemem of !RDA ,'\ct ,h,,11 be ucc,ded by the l\uthunty atler consuhatwn w11h them and the q1w11um 01 1n,urn11c~ husmcs, 111 h,· done shall not be less than what has been ,~corded by them for the ~ccournml! vcnr n1dcd J 1 ·' f'vla,ch. 21)()1) 12) n,~ •\uth,wnv shalt n·v,cw ,uch quantum of insurance busmcss 1>enod1cally and give du-ecI11ms h• thl· tnMnc1 :, 1-m' ;.u:.luc,•1ng th.: ~pct.:.i licJ targeLs. N. RANGACHARY. Chairperson [No. ADVT -3WExty/16l/20001 Printed by 1lw Miwagef. OovL of lnthl) T'rcss. Ring Ro:td, '-,1.i.y.tpun, New DeU1i• l l0064 aod l'ubli.<bedbyihe Con1rotkrofl'ublica1lons, lldhH 1005~ -2000