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'q,r81 ~ ~ · ~~11~~~11 $ 31::p=RCTT ~ ~ rc:1 ~ c:R'1-'!R ~uft Cf)[ d JFchcN cf)\ITT 12. fuRuT mfdrm /rr~ c,2fi ~ll'l'..91~ccJcB Ii? }f'qfq q)l ~ 13. g;:i~i:rr ~ t~z:i1 f!~r ~ crITT~ c5t Wffi -3ITT m-mTcT $ fem~. 14. ~ ~ Ii? ~ cp1 WTTcT 17. ~ 3f-=lf uil'icrl~, RrRm ~.~'PT,~ cnT ~-~ ~ ~ c'lcf), ~ ~ ~ ~ INSURANCEREGULATORYANDDEVELOPMENTAITTHORITY (Scheme of Amalgamation and Transfer ofCencral Jnsurancc ·Busin ess) Regulations, 2011 NOTIFICATION Hyderabad, the 20th May, 2011 F. No. IRDA/Rcg/1/SSn0l 1.- In exercise of the powers conferred by clause (zc) of sub-section (2) of Section 114 A oj the insurance Actl9J8 (4 of 1938) read with sections 6A, /4 and 26 of the Insurance Regulatory and Development Authority Act, /999 (41 of /999) in consultation with the Insurance Advisory Committee, hereby makes irwfuilcwing regulations riamely; J. Short title and commencement I. These regulations may be called the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011. 2. They shall come into force o,, tlie date of their publication in the official Gazette. 3. These Regulations shall apply to all general insurance companies other than wholly owned . Government companies which fail within the purview oi Cienerai Jnsurance l:lusiness (Nationalizat ion) Act, 1972 6 THE GAZE"ITE OF INDIA : EXTRAORDINARY l. Definitions In these rq:11Li1ions. unless the conl c:--:1 lllhcrwise rcqu irl's: a. '/\cl' mean~ chc Insurance Acl. 1938 (4 of ]()38): h. · Au1hori1y· means l11s11rn11t:c lte:-:uhlor:,' and lkvc l\ll'llll"lll 1\uthori1y cstahl ishccl u11dcr Scct ic.m J of the Insurance Rcgulalory and Dcvcloprnl'lll /\ull10rit\' ,\rr. 1999: r. 'applirnlion· lllL',rns application suhmitlcd to lhl' /\ulhorily along wilh proposed Scheme as ddinl'd hereunder: d. ',1ppoinlcd date· means thl' date appointed for purp()Scs of giving cllcct to the sclwme of a111algmnatio11 ,111d 1ra11~fcr of gc 111:: r;1l i11s11rancc busint,ss: t'. 'merged cn1i1y· n1eans the resultant Indian lnsurancc Company consequent upon the implementation of the Scheme: f. 'Schc111e· means sd1e111e of amalgamation and 1ra11skr formulated under Sections .'l9 1-394 of The Companies Act, 1956 and 1101 gc.1vcr11ed hy Sec tion 37A ol'lhc Insurance Acl 1938: g. ·transacting parties· n1ea11s the tr,111s fcror C(l111pany ;rnd th e transferee company which arc · Indian Insurance Company· as dclined in Section 2(7)A ol'the Insurance Act 1938; h. 'transferor insurer' 111G111s the company or co111p,1111es. which would transfer the undertaking of genc.:rnl insurance business under the Scheme of amalgamation and transfer: 1. 'transferee insurer' means the company. which wou ld acquire the unctenak ing 0 1· general insurance b1isincss under the Sd 1e111c of a111alga111a1ion and trans f<:r. J. Application to he suhmittcli to the Authority I. Every proposal for implementation of the Scheme under these Regulations shall be submitted by the transacting parties to !he Authority along with the drafi proposed Scheme containing related information as indicated in the /\nncxure to these Regulations. 2. Every Scheme under these regulations shall be irnplcmcntcct only after final app(oval orthe Authority: Provided that no Scheme under these regulations shall be approved if i'., the opinion of the Authority (i) the available solvency margin of the merged entity will be lower than the required minimum regulatory level or (ii) the Scheme is not compliant with any other applicable laws and regulations or (iii) the Scheme is not in the best interests of the policyholders or (iv) is not conducive to the orderly growth of the insurance sector. 4. Notice of Intention I. Every application for irnpleme111ati n of the S.:heme shall be preceded by a notice of the intention to make the application at least one mo th before the date of application, together with a statement of the nature of the amalgamation and transfer, along with the reasons therefor to_ the Authority and certified copies, fou r in number, of each of the fo llowing documents shal I be furnished to the Authority: (a) a draft of the agreement or deed under which it is proposed to effect the amalgamation and transfer; (h) balance-sheets in respect or the insurance busin-~ss of each of the insurers concerned in such amalgamation and transfer, prepared in the form as indicated in the I RDA (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002; (c) Financial Condition Report; H3NR Report; and Sc-lvency Statement prepared in conformity with the requ1rements of rekvu:it regulations and Circulars issued by the Authority, including Assets. Liabilities and Solvency Margin Regulations, Circular No. IRDA/ACTL/CIR/MISC/081 /05/20 IO dated 13th May, 20 l O; and Circular on furnishing of IBNR Reports; (d) a report on the prorosed amalgamation and transfer, prepared by an independent actuary who has not been proCcssionally connected with any of the parties concerned in the arnalg,1rn.1tio11 and transfer at any time in the 1hrec years pn:ccding the date on which he signs his report: (c) a synopsis I ex ecutive sunrnrnry of the proposed transaction, and the tern1s on which such transaction has been contemplated; (I) a report on the manner in which the interest of the policyholders will be protected; and a report on compliance with the applicable laws, including but not restricted to, the Competition Act, 2002 and the employment laws. [ 'WT I 11--~ 4] 2. The bnlnncc sheets, rcpo11s nnd nbstrncls n:fi.·rrcd 10 in clauses (/,), (c) ond (d> shull be prcpnrcd ns nt the nppoint<•d date, 011 a pro-for111a bnsis. These slrnll be (i) audited f1111mcinl statements most pr11xi 111a1c 111 the :ippl1i111cd dale and (ii) lalt'SI q11a11er's unaudited fin:1r1ci;1I statL·mc111s. 5. Conshkrnlion of proposl'd Sdu•nu· b~· the Aulhority und gn111h11g 'in-principk' npprovnl. The AuthMity may, at any time priL;r 10 granting final approval lo the propm1·d Scheme. cause 1111 indcpcmknt actuarial valuatinn of the insurance business (encompassing the ,1sscls, liabililit·s nnd solvency position) of the;: transacting par1il'S. 6. In-principle npprornl h\ lhc Authority I. The .1\u1lwril\', <>11 brin g. s.itisficd 1h;11 !he proposL·d Scheme is (i) in thl' inlnc~ts of the orderly growll1 of !he i11~ura11ce scctnr. ;111d (ii) ()11 ro11/irmatin11 111" co111pk1111:c 11·i1h any rcquircrnents as the Authority rn,1y deem lit 111 th <.: C(rnln t of' i1s rrgulatory 111,111datc. may grant i11 -pri11c ir lc ,1pproval to th <.: proposed Schcrm: subjccl w such conditions as it may c(111sider appropriatr.:. 2. While gran1 i11g such in-principle approval and duri g the period prior to the transat:ting parties n:ceiving the Court approval fnr the scheme of arrangcrncnt under the Compan ies Act 1956, the Authority may, if so required, impose suc ll rcq.Jire,,1e11ts on the transacting part ies as it may consider necessary and approrriate (a) to ensure protection of the interests of the po licyholders: and (b) to ring fence !he assets of the tra 11sac1 i11g 1:111ities incl 1din~ sl ipulat ions for fil ing or information/reports at such periodicities as it 11wy deem fi t. J. During the interim period, the parties to the Scheme shall ensure that the insurance operations are carried out in compliance with all requirements of the Insurance Act, 1938, the regulations framed ther<.:und~r a11d the directions issued by the Authority. 7. Effect of grant of' In -Principle' approva l I. Upo11 grant of ' in-prillc iple' approval, th<.: transacting parties shall cause copies of the proposed Scheme to be k<.:pt open for inspection by policyholclcrs at the reg istered office and the main corporate oir"ice of the irar1 sa(1 i11b pad ics, ,, i1\.l :,iilidh.aneou.)i)' Lil <:: san1c st. al! be uplo2ded or: the ,,vebsitc cfth ·~ respective insurers. Such inspection and access 10 the documents referred to above shall be kept open until the complete implementation ofche Scheme. 2. Upon grant of 'in-principle' approval to the Scheme and prior to the said Scheme being presented to the relevant Court / Tribunal for approval, the Authority shal! cause a statement of the nf!t1Jr1; ,ind trrrn~ of the Scheme to be published in at least one National Daily and one vernacular llewspaper, copies of which shall be filed with the Authority. 3. Furtl::.:r, the Authority. if it deems necessary, may direct that nol icc of the application. in such form as it may direct, be sent to every person resident in India who is the holder of a general insurance policy of any of the insurer concerned in the proposed transa tion. 4. Upon receipt of the 'in-principle' approval of the Authority, the transacting parties to the Scheme would initiate steps to seek such other regulatory approvals as may be required including but not restricted to - a. Filing the scheme of arrangement (along with the 'in-principle' approval of the Authority) with the relevant High Courts/Tribunal, for confirmation of the scheme of arrangement in terms of sections 391 to 394 of the;: Companies Ace, 1956 and compliance with all requirements under the Companies (Court) Rules, l 959. h. l·ili11g applications with tile F01ci;i.11 investment Promotion Board (FIPU) and the Reserve Bank of India (R/31) seeking requisite approvals, if any; c. In cases where a foreign joint venture partner is also associated with the transaction, approval from the regulator in the relevant jurisdiction, if such approval is required; and 7 8 THE GAZETI"E OF INDIA : EXTRAORDINARY d. Seek such other upprovals as may be nccessnry, including those from the Securities and Exchnn~c Bc;ml of India (SEHi), Stoc.:k Excha11gets) and Competition Commission l)ffndia (CC I\. S. Fi11al appronll from lht' Auth ority 011 cor11pk1ip11 ll l° the varilHIS processes i11dica1cd 11: 1'1c l,1n.:gPi 11g Rcr11la1io 11s and 11pl111 receipt Lif apj'rt>vals fhlln v:trious applicabk n:gulallll} aulht>rilil'~ .,11d 1hc relevant Court/Tribu11al, as applicahk, Ilic tra11s.1ding parriL·s .,i,,dl ;1pp1u,11.i, 1:,_ ,;..,,:"" ;,_1 fiir the fin.ii approval t>f the Sdi~·,n,_• The Authority wo11ld rns11n• that the ~d1t·mc as finally approved is co11sistc11t with sllch rcquirc111cnts or stipulatio11s as might h ,1VL' hL'L'll impPsn l l>y thc other co 111pctc11t aulhllrit ics while according their rcgllblory approval as in p;ira 7 (•I) ah<1\'L'. 9. Effect of finnl approvn l l. The arnalgamation and trans for of the general insllrance business. as envisaged i11 1hc Scheme. shall be effective from such date as shall be specified by the Authority ,vh:le granting its final approval to lhe Sch~me. 2. On and from 11,c da te of the com ing into operat ion or the SchL·mc or any provis il)n lh L·n:of. lhc Scheme or such provision sh;il! be bind ing on the transacting insurers and also on all 1hr "harcholders. policyholders and other creditors and employees of each of the transacting insurers, and on any other person having any right or liability in relation to any of the transacting insurers. J, On and from the dil tc nf the corn ing inlo opcra1io11 of the Scheme. the prop.::liies and assets of the trans feror insurer sha ll, by virtue of and to !he c., 1rn 1 provided i11 the Scheme, stm1d transferred to and vest in. and the liab il ities of the transkror insurer :; h:111. by virtue of and to the extent provided in the Scheme, stand transferred to and become th <.: liabilities of the tr:::1sfcrec insurer. 4. Publication cf Notice in the nc\l'··~;?;wr•· :~!l(,ul romp1,~iion 0f the pr0cess (at least one national Daily and one vernacu lar, conics ofwllich shall be /ikd wilh the Authority). 5. If any difficulty arises in giving effrrt '" the provisio11s of the Scheme, the Authority may by order issue such directions which appear 10 it nccl'ssary or expedient ti.ir the purpose of removing the difficul ty. 6. The Authority may issue such directions ,1:; ii deems fit, taking into account the facts and circundances ,if each case, its regulatory objectives, the interests of policyholders and orderly growth of the insurance sector, in relation to any sequencing of measures involved in the Scheme being approved by it. 10. Payment of fees for processing of the application The fees for the processing of the application for an ' in-principle' npproval shal! be joint;y 1cn1 it1ed by ti1c p:i.rties to the transaction hy a demand draf1 issued hy a scheduled bank in favour of the Insurance Regulatory and Development Authority payable at llydcrabad. The foes sllnll be one-tenth of one per cent of the total gross premium written direct in India by the transacting entities during t11e financia l year preceding the financial year in which the application is filed with the Authority which shal l be subject to a minimllm of fifty lakh rupees. but shall not be higher than five crore rupees. 11 . Timing The Authority shall process and pass appropriate order on the application for amaigamaiion a11d transfer as expeditiously as possible, and the trans;icting pa11ies shall ensure prompt respon se lo the queries and requests for information from the Authority for processing the application. J. IIARI NARAYAN, Chainnan [ ADVT !11/4/161/11/E.xty.] 8 THE GAZElTE OF INDIA : EXTRAORDINARY !PART 111--Sl'C, ·II d. Seek such other approvnls ns nrny be necessary, including those from the Securities and Exchnngc Beard nf India (SEBI). Stock Exchunge(s) and Competition Com:::i:;s:on nf !ndi;: (CC!). 8. Fin al npprorn l from the Authority 011 compktion or the various processes indicated in the foregoing lkgulations and upon rt•ccipt or apprnvals f'nlrn various applicable rcgulattll")' mrtll(lritic~ ;ind the relevant Cu111 bTcibuiiJi, <lS .ippli..:abk. thl' trans;1cting par!ics shall approach the Authority for tile fi11al approval or thi.: Scheme. The Authorit\· mlll ld ensure th.it the Schl'lllt' ;is finally approved is cnnsistL'lll with such requirements or stipulations as might have hern imposed by the other competent authorities while according the ir regulatory approval as in para 7 (4) above, 9. E ffccl of fi na I 11 pr>rovn I I. The a111algarna!io11 ;ind transfer or the general insurance business, as envisaged in the Scheme, shall be effective from such elate as shall be specified by t: ,c Authority while.: granting its final approval lo !he Sch::mc. 2. On and from the date of!he coming, into operation of the Scheme or any provision thereof, the Scheme or such provision shall be binding on the transacti ng in surers and also on all the shareholders, policyholders and other creditors and employees of each of the transacting insurers, and on any other person having any right or liability in relation to any of the transacting insurers. 3. On ancl from the date of the com ing into operation of the Scheme, the prop-::nies and assets of the transferor insurer shall, by virtue of and to the extent provided in the Scheme, stand transferred to and vest in. and the liabilities of lhe transferor insurer shall, by viriue of and to the extent provided in the Scheme, stand transfem;d to and become the I iahi lit ies of the transfcrcc insurer. · :'.::.:l'~::!icr- :·: 'l\; (,, ;.:··· in 11,,,_ r,c•v,·:~ZlDcr, ;;bout completion of the process (at k ast one national Daily and one vernacular, CO!iies of which shall be fikd with the Authority). i:: If any difficulty arises in giving effect to the provisions of the Scheme, the Authority may by order issue such directions which appear to it necessary or expedient for the purpose of removing the difficulty. 6. The Authority may issue such directions as it deems fit, taking into account the facts and circumstances of each case, its regulatory objectives, the interests of policyholders and orderly gro\\;th of the insurance sector, in relation to any sequenci11g of measures invol ved in the Scheme being arJiroved by it. I 0. l'Rymcnt of fees for processing of the application The Ices for the processing of the application for an ·in-principle' approval shali tejointly r~mitt~c by the parties to the transaction by a demand draft issued by a scheduled bank. in favour of the Insurance Regu!ato1y and Development Authority payable at Hyderabad. The fees shall be one-tenth of one per cent of the total gross premium written direct in India by the transacting entities during the financial year preceding the financial year in which the application is filed with the Authority which shall be subject to a minimum of fifty lakh rupees, but shall not be higher than five crore rupees. 11. Timing The Authority shall process and pass appropriat order ori the application for amalgamation and transfer as cxrcditiously as possible, :ind the t1ansa ting parties shal I ensure prompl response to the queries and request for inf~mnation fr(~m the Aut hority for processing the application. J_ HARi NARAYAN, Chairman [ADVflH/4/161/1 l/Exty.] Srl11•nw of A11111l111111111tion und Transfrr lnformntion to form p21rt of the l'ropo~HI Doru111n1t I. Stnu;turc or rhc trnnsacting parties . Anncxurc .., Board Resolution of the transactmg parties approving the steps lo undertake transactions which would 1 o.:su[I in d1a11g1: uf si, u.;itii"i: vi ili..: i·,.:.,p,.:..:,;•,.: transacting part it·s . .1 . Submission of confirmations by shard1olders through a special resolut ion at a general body nH't'ling of rile transacting parties about their intent to pursue the trnnstcr contemplated in the Scheme. 4. Details as to protection of interests ofpolicyl10lders, crcdi1 ors a11d/t1r shan.:holdas of the transacl iri,,_ panics. 5. Composition of Bo,ird ot'd in:clors t,flhc rcsulta111 L'llt ity alon~: wilil till' role ni" sc:i ior 111:rnagc111t·1,1 6. Cornpl ianc.:L' wi111 the C,uidl'iincs 011 the Corporate GllV l:rna11et' is~ucd I>:,· the J\ 11tltl1ri 1:,-. 7. Details of other regulatory approvals in n:~pc.:1.:t ot'tlic pniposcd sd1L'llll: (i) applirntions sulim iltcd tn tire ollin l{cgulators in 1cspn :1 o!' lo rill· pnq111•,,·d wh\·1111: n~ and whct1 llll:y arr lilcd with othn Regulators (i i) approvals gr:-tlltl'<I hy the oilier lkgula1ors in tlris 1q,:;1rd 8. Share l'urchasc/S tdlscription Agrccmc.:111 wi th rL·spec1 10 !he 1r;i11~frrh1cq11isi1iu11 or general in~ura11c ,: business by the transac.:1ing parties. 9. Shareholders' Agreement with respect to the managctncnr and gLJvcrnancc nrrangcmcnts, if any, for th e: transferred business. I 0. Actuarial Report(s) on valuation of the insurance businesses of the transacting parties encompassing the assets, liabilities and solvency position. 11. Rationalization of existing range ·of prod ucts in accordance with the file & Use Guidelines. I 2. Assessment of impact on Distribution Channels/Intennediaries and Branch Network. 13. Details of Reinsuran~c Strategies and Protection & Maintenance of Reinsurance As_sets. 14. Implication of the Scheme on the Key Contracts. 15. Issues pertainine, to the Information Tech1:ology. ! r,. Projected Financia I Statements of the a1nall:i!ma1ed ent itics. ?S ar th e- aoooi11tcd date of the scheme. 17. Such other information which the Authority may reguire from time to time till the grant (rffinal approval to the Scheme. -·-------- - - ---------- Prinlctf hy tltr M1111nr,r1 , <l11\'nn111c111 of India Press. Ring Road, Mayupuri, New Odhi-1 100(,4 und 1 111!,lhhl'<l h>· Ilic Co111rollcr of . Puhltcations, Delhi- I I 0054 , ..
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