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The Insurance Regulatory and Development Authority issues the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) (Sixth Amendment) Regulations, 2014. The regulations amend the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000. The change includes a Core Investment Company as defined under Core Investment Companies (Reserve Bank) Directions, 2011 within the definition of promoter. The regulations also substitute sub-regulation (1)(iii) of Regulation 11 to reference the new clause. The regulations take effect on the date of publication in the Official Gazette.
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REGD. NO. D. L.-33004/99
EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY
No. 122] NEW DELHI, MONDAY, APRIL 28, 2014/VAISAKHA 8, 1936
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
Hyderabad, the 24th April, 2014
Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) (Sixth Amendment) Regulations, 2014
F. No. IRDA/Reg./6/89/2014.—In exercise of the powers conferred by Section 114A of the Insurance Act, 1938 (4 of 1938) read with Sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority in consultation with the Insurance Advisory Committee, hereby makes the following Regulations, namely :—
CHAPTER 1
1. Short title and commencement
(1) These Regualtions may be called the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) (Sixth Amendment), Regulations, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In regulation 2(g), after clause (ii), the following clause is inserted namely:—
"(ii a) a Core Investment Company (CIC) as defined under Core Investment Companies (Reserve Bank) Directions, 2011 as amended from time to time."
CHAPTER 3
3. For sub-regulation (1)(iii) of Regulation 11, the following sub-regulation is substituted:—
"(iii) the quantum represented by that proportion of the paid up equity share capital to the total issued equity capital of an Indian promoter company mentioned in sub-clause (i) or sub-clause (iia) or in sub-clause (vi) of clause (g) of regulation 2 held or controlled by the category of persons mentioned in sub-clauses (i) and (ii) of this sub regulation."
T.S. VIJAYAN, Chairman
[ADVT. III/4/161/14/Exty.]
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.
