IRDA (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulations, 2013

REGD. NO. D. L.-33004/99 ( i\iz ( S a z e i t e o f 3 n d i a s m ro rm EXTRAORDINARY ‘‘TFT III—-7§rr5 4 PART III—Section 4 TTlf^efiTT ^ y^irf^ld PUBLISHED BY AUTHORITY K 431 ^ 18, 2013/tmr 29, 1934 No. 43]_______________ NEW DELHI, MONDAY, FEBRUARY 18, 2013/MAGHA 29, 1934 (c|Pl<4lHch 3TTT foT<*>l-H TUfSfcRIUI f<UNK, 7 W t , 2013 ^htn M W crr 3ftr f^chiy w Rtertot ( s w t ^ wrrif^FT afrr w ro n ) fg fw r,2 0 i3 t^F. 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R -jiA ^ «J|<; aftr yilt|eh<ui SKI <}i|^c*rt ^chl*4 chi 3ffinT % ai^TTt^r R*i<) ^ 4gA, yifti<»T(ui ig f m ^ -w ^ m 3frr^rrgftTRrf grr Tjgr fdcxui g rtr^ g rtr ijgr <rsit4i +im«KM> ^ 3?rr -qgr ^Tg wtt% -qTnriKu^ ii yg>ifvid eh^i^n 1^R^t yftgt uifa<*»<ui % tto-gigrgfr ^rr^ift i 3. yr&grniTgrr ‘f e g t g g : ’ aryrt ^r ttp^t t r g ? f ui^ t ^ a r g fdPigmch argn><H g f. ■Hdteio 3sr^l'l<IM <l / ^Mlfach<ui oqg^ tT ^ gq t-^ tw gft^ p rr'grR T ( »lfaeh<ui % ‘fy ^ id d :’ argjitc^T^r ^rnxgrtnfr arfg^rgtr, 1956 gfTam3Tt 391 % 394 ^ a F p m -a jg w r g fT ^ g fr n --g fe g a rr g^rt ( -^iiiM<u) i959%3hrrfg-CT«ft3Agr3it%3igqT?nT^?"f^;) i ■gt. (TnHdn^figt) aftr v r m ftg -ft^ ig ? (a iR g ta n f) "^r-qro angygg? a q ii^ T , g f s gn^^t, gTl Mt'l ebiJl gu.34l^<H u^d *<WI; ^T. mih^I ■& ^1f fg^yfr vh^gg grr wttrtt '•rt ^T-%^ ^ ttw^ ng: fegT Trgrr t , ^hrfgg arfegnx-^g ■&> ■f g f t g ^ H g v t r f g f ^ ^ T T 3Tyitc^T 3^^ra"?t; gatt 4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III-SEC. 4] ('11') ~ * (<5) it ~ ~ Tr$ ,fjq m f\. I ,31l{ft ~ t' ~ f(ffl ~ 1lfi1 ~YU f<"ln i:f'h;jtf j(-1 'lf\'q i'fiffl i;:m ~ '3'Q' llQ~ -;:m f-tm ~ ainRc'I' 1'f:it11 ~ i, ~ ~ -;Jf1:JT cJiT Til' -um -a. 11@' ~-a. q n:011 q (cl (<IQ ~ ftnm ,ft ~ lJi1 Iii f ""'1.,, -1 ~ it @ITTT 1 -a. ati=ITfff d'iq ,chn f ~ y, 12.1 ,, .. m, lk"-'1· iifral ,ft~it, ~ a:ll!l"IT ~ ,rr@Ff$~it~-~~ I ~ ~ j' it; f~ ~ ~ <(,I q, q (11..j it~ ~" (Ujl!fi('if ci'rqTl!fin f( ail') cfiT 3Rf ~ '?fil -um it ll'iinfr ~ 11' ~ i "rir ~aiq~,. -~ ~ ~1}1:fiT{ ~·~ ~ ""' lRffl ~ ~ ~ ~am:~~$ at!il-t'1J;C~rif-lr-t·!il•~~ar~~i'ffl!1nTiM•IHu1 lHH~aTI'~I· "ll!J131:Jtll~ttlJii'lift~ am:'tjd~c'l'mfr ~·~ iil&Ql!fij{\ ~ITI I 2. ff '!llfil ~ ~7' fir.&:it'ftr: ~ ~-.n;;i·it 'ffVJT ~~-~ l::ti (;jltr('(l \41 F,{ti,· l;::m ../.I l<.i lt-1<.1 <lfil ~ ·1,t,l(l'cnf.{ ~ ~~ 3'1fi@f•·cttu-r~ ~~"rir11,~~-~ cfi<;j4,~"'l ~'Q't~ a:iit~mt~rPl~~rt ~~ ('Cfi') Qif("iffl~j{c:f,., $ 'fgi'rt cfil~~,-1~'1h4.;j'; oPIT (~) ~ ~.q~cfiolaIT'Q'l wr-n,~ 11. ~ ~ ~ i;:m ~ ~ ;jj'j;j'fl~ ~ mwr ~-~ cfi{;jql'tif1 ~ cfiT lln:~qt..li! cfiT -~u.{H.cfil ~~-•~ ~af'n:~~q'1<1 i I ~, 3. atim'1f~-a."ltl<r-rmlf~'Qlfz~~~fflf~f<E tlql 'Qmffi-Rlftqr~,,1938, ~ aftiTra· 'IRN~~ am: 11~-;:m~~Tfir ~~ ~ ~~,· ~~~ tjtjjf("i('i ~ I "'1if f I 1. . fooli.inn:' ~ -g~,;r cfi"{;t $ qf~ ~-~ ~;ra,~I 'lr~ ~ mir cJiT 11@ilf ·1ttfft1~1111<ait-;:m ~ 'ai 'ft=ft:J: ~-~ di(4tttt,,"'l ~ $ ~ cfil<.1ft.t<.1 af'n: ~ lfil'l~'Z chl<.lftil<.I it~~~ 'Q'l ~ 'TIFIT oP1T 'ffl1!f 'fr~ ·~atlfflf df)qjq;('lfa(j "Qil' 4ii<(.11$c. q-r 3t4"irs ~ ~ I ~ df('('-lfold ~fflM-311 fflii ~~•r~ 3ITT: qp$'ft.i ~mil' cf\1 l!fil<.lf-d<.1-1 'i.ufw-rffifilF'f-n!li~I~ I 2. ~$ ~ ·f~oli.intt:' ~~~~it,~ am: !,llf!ll!fi.:Ui i;:m'3tl~~~~· cnl at@'q'Wf ~ ~ 'Rl,--it~ ~ ~. !It Nll!fi<a, mirit. ·~(clq am:~~ cnT ~ ·firtn:or?.nli ~?.nli ~ 1:r~l<.1 ~ {iqjiJl{Q,i it am:~ ~ ,:rm 'ai {iqjiJj{QSI it !,lch'l~ln' lli<41Q:IT ~ 11@<.i'i' ·1,1,k'<ur-a. 1'ra ~ cJiT ~. 3. 1,1,li:i&.<01 ch'T "ftr.§fffif: · ~lJT1<'1'~1'l m'lf~~-~ l!fi<;jc1,~ ·qrf.t<.lt ~ aR1"filf.i<.1~ ~ 11T'lcf~·~~~~ f.t1-1ft.'lf(llti ~vnfin-rf. ~-:.nl-:fi~~~•- ~- mi~'3W ';<.j'l<.ll't-l<.I' 1 ';<.jl<.jrfil'ch<or$1'm~ ~ miJ'cfIT ~ cnr-rr ( 1,11•<or-a. ·~: • ~-a; ml!J)(ci;q;rr ~fuf-1<.1q, 1956 ~ emTarr 391 ~ 394 it. ~cxmmcfilmiJ~~oPIT ~ ( -41<.I lt-1<.1 J 'Atflf, 1959 'ai 3@T@' mfr ~-a,~ it;~) I ~- ~~~llli(~~)afr'loqmmrft;;rcf~(~)'ailfra~~.~ ~lTT. ·~1:ii',r ~<~\"9q_ a:118~-1·11~n''&.<-1r; 'fl. ~'tll'ilt-i'lit~~~~'Cfi'l'~'tTI~-~-a,mwmr.g:~~i, mffirn'~-~ it, fc1f.i4q-1,Mf~31jql~, ~~~a:iitfu.@"~; oeJT ■. aftr «ir5ii< (vnrrd) aftr *TR?ftar yfiraiPpfT a n ^ i (4iUitaii£) % 3T3^ft^it ^T%<T 3i»<4 JJim 4h<«iiy 34lcHV^4ch '^f I ft I l f f I II 4*C 7 & % i JS I11 l i 1 ! I 1 i f 'fr /fr N ~ cfiT ~ : 3lmmtol v. ~llffl'll,fftaft{~-.nj (~). lTlfl IINII< (11NITU) aft{~ gft,4)f11tt1 3fllITTI (~l~l~11t) it ~ 'fflt.,- ~al~~Jlffl~Fivtr, '-IIT3llll~~-gf I 9. !,lilitcfi(Ulitafm1'~ .... .., fllf.tqql 1t~"l5'r'Tlf~ gl'iti,Hct tfr~--~fflllfiriir-nr~ fllf.t41qcfi !,lllircti(Url ~. ~ffl'I.t, ~~~-e;-'3'Q"<nf*-r-~ cfi(441('(i~mlf-e;-afm1'~-e;-"ft;rQ:!,1rfilcfi(UI «~~ I ~-~ cti<44r("'l"l ~-.~mr~fil:, afm1f~itffl'I.lli'l "''°'41M mlf"S4'ff g1filcti<U, 'l:TUffl'I."5't'Tlf m, ~~-gt, -e;-~ ~';rfr, ~ ~~ !,II litcti (UJ1 l[T(T 31'1Rt fllf.tqjqcfi ~ ~lf;"ffl ~ fflll"5't ;,c1-'41l'fl~~aftlvraf~"ft;rQ:1f\'~t I 1. ~'IOlfl·~....-, 4:1q1t1t-1-1 aft{~. -:!mr ~ m1f it qflct,fficm ~. '3lr ~ itffllI. ~~mir~ ~aTtr-IT afm1f~~'cfi'ut~lllfelcfi(UI~ fllf.t~ ~~ I 2. m1f 3lllWl ~ ~ 1f\''31fl"1.-ffl'I. iA '15'r ~'cfiT aft{ '3lr ~ it '3l!ffl' m1f aftl ~ '31fl"1 ~-~ cfi(441M ~ ffllT ~ flq(t.11(11>"1, Ql~·l(iM ah~ \11(01~1(113'1 ~ *-r-~ cfi(441M ~ 1fTif .. c:Fi4t.1,fl,..., ah *-r-~ cfi(4qlt'ft ~ ~-« ~ .. ,f\' ~'it~~ 'lfT ~ (<1441M ~ ~ lil:mRf 'S "ft;rQ: '1'111 IUicfi I fl dT1'TT I 5 r 3. ~*fflll~~~'cfiT~'3"«~~~(1(01cfi<'lflr'1q1cfi(lf~~~~~$aflllT(" 1R '(1'l!fT ~ it oQctf~tt 'ffl1fT ~ 3ffl'fuh' lflqlcfit'tf 'cfiT arafuf 1T '3ffflt t ~ ~ f.nt<f 1T -;;nm t ~ ~('I (Olcfi<'lf lflq lcfi<I f ~ ~ ~ $ aflllR 1R ~ ~ it &let At!i<I 4\1rr ('(lfi amfufr lf)q lcfittf 4iT ati,'mf -gr "31'Tfflf ~~~"lf.f-irlfflf I 4. lffi'>lIT* ~~$'11nit ~q1+mq'='1 it~lliT~ (ll>lf~ll>lf~~~~ ~q1•1<q!iiit~ ~ ~ qm-$ ~qliil N!il ~, ~V@lll l,IIMcfi (01 4i"fflf ~~~) I 5. ~ mif ~ '3'lf1M fflll ~it~ cfi fd-1 If .,m;;f 1lffl t, <t\ SIi filcfi (01 di 1ey llj~I < ~ ~ 'W lltnflfiffl' t ;;n'~'3-«llifiRTt'cfiT~~~~$~~~~'!,ltffif~ I 6. Sllli.i4i(Oi~'l:JU~cli\'~W~*~~-3'mit'S~'lft~'Smtefit~lff1f'R'S <'l1!l!n ~ QR:At!i miil, ~ fQf.lcM4i ~, q 1ft'"l~m1,"l $ m,) ~ 1"lrr ff;r~ \Joi.lei At!i<"I cff.;I;: 'cfiT RIR' it "('{§Wt"11:~~';Jl'l'Ull>(~tf-it.t"ci'g'~~t I . f~-s:ift<'I : . ~$ ~ ~--milf itlliT'(ct'T'f ~$ ~ ~ ~-~~~~'l:m~~~ li\11, fQf.lc1 ,qcfi afl'l ~ SIi filcfi (01 4i '.j'J'q' ~ 1ft' ~ 'Qi 'l:JU ';Jl'TU ~ '11lt 1<<111 I< il ~ 'llm~ 'l:m ~ffnl~ I ~ l,llfilcfi(01"$°"QfflFlm~'flit~~ffnl~tolm~fifflN'fl$ ~~-~ cfi(-lct,t.fi ~'l:mltrofit ~~~~p~~-- ~11@'1WlliT~'lfTTTitm ;;rr~~~m*~· ~•~m~anir4i-~n, ;s· q li:;r/13-2- 6 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— Sec. 4] 12. a n ^ rn rru ifa « ih < u i m aiyftn c h i^ d i^ c h V n a ftr-ju ^ g d a<i^yi m R a ct^ u .w a rc ■^ T -^ T cjxAqirTl MlfeWf ^TT cftiCqi^f c»>*^ ^ fM HillleKfttuI RHI tJ^HI yi*d cnt*l fob y**il s f l r i ^ T T T <tiR<i yf?rf?R^n ^jPiG-ia c h ^ il i 13. «MI*)?nT3ffT3i«W^T^n^3lHliyd (4<f<ui «qi^<H R3jVT3im UftJTT^-5n^^r'f^:Tra>%tftH *4gft% 3t^T 3idR dl fllHlchdf Um i)[tfd chi UxllRHd ch<} % ^«i*y ^ yileJchl'JI chi RiMfriRsd yfo^il “if y^jd : 1. *c*TiH, ch-U< 3i>acn fci^<g ctTi yHifuio yfa ^ d Jfd n*4i*lcn 3i>dicjI 3<{i<ui dl^fct»«4i *1^1 %, 3?K 2 . a is o g ra fu y m n 3 t f o * r f t s K i ^ w i^ f id u Imuii (g» -dHcii 3»fiychd*j I g ' s r a ^ 3 flT 3 id t d i^ r «hl<UT ■fihWt«?toqrfed * 1 f*<4l i|i |l 3TZOT f<*>4JI -dl^dlt'fl yn^cF ^yildR^Jufff: [c*><4l M«ll ^rfBIT tilled ^ .c n .c n ch 3h l<JI ctTt^,*Tt 3?tT 3)rHU| i t +t«j(ild SKI 3<v|c|| -S-ierTi 'JIMChill it Hg»<l, MifH R r a l, -grrst, ^ g n afa *jf?ra l aragT a i ^ q M fd ^ T E ^ i N g f Rh*ii <i<ii %3<«m i fa rm ^ A < h m i % i a r g r o ■HHlilHH 3flT3ld<U| <hl *<hln 1 1. l^^'-'c^'giT^gTrltllTf^gtgft’^TTg'TT I 2. ^r-cpT grr=r % fkq; chi(oi^ grr argih^T »^diHi ch^cii^ mK4l % gt£ gjT •Hehw mRuiih+chcnM -M^fed ch-l^dic-il Mlfcf<il crTi MR*f*1 §1*11 I 3. wTin if 3in<*J| chi 31^+4 <0i cti<*l 34M*1 '3^¥<4 "it A *1-^*1 ’5h*-lcin»il mf«f<4l cbl iJch ^TQRVI WTT/3raiSIKU| 3nTT’?mT^Hlfid fclVlM +jih^'^>'RTBqTT^yl«<aUc»?t'^> y>i1<ih<U|l ihl y ^ (d I 4. ^ r - ^ r g r ^ g rrtl gif^«Jl -ar m fn4tauchl, 'jftur^rd iJ t 3TtT/~gr yl <tn*mchi Pgd! chi <qu%-*hro-ft fecuaT i 5. cffttci yfl'tiH 4hl ^jftchT •H^d fdrHR4d MWI % fa^¥ig> fll^ *1 1 6 . y ify th iu i g u i m ii<1 fg>il m *1 g><JHl a if t y iR H (g>R»ift<!. ^i«TefCf<?TT-{H?viI g>i i 7 . y+nilcin +<hln c^> +i«sm i f 3i*<4 faPi<4iHcr> chi (c|cl<U| ( i ) y-Kllfqrt 'WUr % ■Hfl« if 3R I fi|^iimchdf<lTt 'git yvjd "fgA TT^ 3TT^5FT, % 3T^T [dP)«mchdr<at%Trm <i<)^ 8. m(y4l ftm vjl«iiH 41m <^d^i^^3T?TTqT/3TfaTigTJT% ^iigfad v>*)<grg/atfa<iw *h<K i 9. 3<dRn o^q'HK*^ fo m .a w l aflrarfiivii'HH oij«)^m-^-q-<jfad vl-txtiKchl <hi g»<u, <<f<<hl^^r i 10. ^di^afrryfliatti^di^Kt-ficrfwgTtiTfarH d <hi^fT3;^T-% ?g.^< jiHl mg<Tl% aim T|?gtg^% iragT-»-4lMiRhg, Rut«f cfw »g) i n . >+>i?n <*><^1 aflr dM<Tl<i g n ^ (ihi^c-i q ng ^5T)% W iSnr l^n-fT ^viI % sr jm r % T tfnn g n -iflfgdchichjui i 12. (qm ui-m tsj»iI/M «)qR f< ri a jtr V liyi-rtg'C R lX M l^ ehl l^ li4 > H I 13. ■H«i»Jlgii<fHlfd4l d«ii jn4Tm ■MfltMl gR^nRi^l chi ^<^13trrTTai<aw chi 1 14. y»jm ^R«iatt%-^ferTf '^chln g>i r<f^di«f 1 15. 4j^ini ylellPichl %Tfntrtg?r'fg^i 1 16. ■whlH'^r Ri«o f^iicn cni R«ifn% si-j-hk f^HRid '^iwr'^jTjgf*jni(Hd Rjti1<j f t a w I 6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART Ill- SEC. 4] \jqjtj(lij-4 Jtl ~-s ~ ll'IQf ~ lR'SII - <or~•~i'I~ "ff; I f<l,t~· ah"3Q~i!M &l@inrof ~, tfffl *9f-~ <in~4h I'\~ ~lR ~ri-~Tt-111; Jlfii: a, \91 li:JU~ S'll'<f~-S ~ nfi~~~· ah~*~ ~ SJ@f"a.41 ~~-, ~tqjq{-1.j ~ ajffi:OI ~ ln"l"R'?l> ~~ffl-1'11lM '?I>~ ajff Rffl 'lih~l'lfifff'\llfl~ff'l!QlfflTlf~, .. ~,,,rfi'lff"liti(;J '?I> ~it ~"tOnfit'r-ti-i ft.I fortt ~~11mm it~~ : 1. ~. ~m a:rnr~llh7'vinfuffi11ffl·~ ajffl"ffl \lifMl"l-1 ::1191u 3ffl"{'llf1'fi'l.1ilitrrT'f4rt, ai'n 2. ~ ai'n11&r-r al~cfil"O'~RI 1!~•~rto 'QIIIOirf1'i''-3~ al~fflf~'?I> ~~ \jqjtj{-1-4 Jtl 3fflm'?I> "?Ji HOTnfi dt 'TI -e!lfa~n~:;)-ttf; 4 Pl4 I' a1WcfT m I"~ 1441"" ~ 'lj'lff A' 1l'1ffl: 'Q)findi1;t:rrT'f'fl' t fflJT m ~o <>1ey,t:t fi NI ~ ~ltTif ,it a1'-'4' 1J1'ffl'R \jq 1ih1-1 ah 3ffl"{IJj' ~~d~ff ~WU~~ 311-ttfi, fl ~ -tllil!'i, QI f{-1 f>t1<ll, ~. ~lfR gra~I 31?.m at~·'tjq fw'?I> writ '.f fi nfi4 P14 I' t al~ rf?6'41 ·;;i~ r{-1 rt I \l.!!!_9~~~ ajff<or·~l -~1" S)Q'll_cijlffil-S 1'TTT-S~it~ I. *9f-·~ 4i<441<'fl ~<i\'~ I ~ 2. *9f-~ '4i"f.t '?I> ~ ~ CliT ~ 4>(441{-II *9f-~ cfi(441~ ~ '?I> 1rtt CliT ~ ~ 'ffl Ofi q{lq~q '11i fem-*9f-~~44 il'rl ~ 1li'I ~it"lfmR-gtTtT I 3. ~it~ aftroJT'tfiT al~(OT ~'$ ~ 31"R'~-S 1ITT" it~-~ 4i(4En"11'~ ~ · ~ '\ll'Q1'tOl '\l'ITI' I ol \11& l<O I 31Tlf '\l'ITI it 1U f ~o fflil11 tj 4i ~ '?I> ~ ~ ii 4 (!I m,;'i $ ~li!fi'(O ii 'llil 'SJ~ Rf I 4. *-"-~ ~~, ll ~ ifi 'q"j fi;r~mmq;1·, :4{01 c::1mai1 am ,crr ~~-,.* f8ff)"?J>1 ~$~it~ , s. lm:115 SJlil!l"-t' ~ ~1 mtohillo-tj~r$ f.l~H:tni,t·q;1·~ 1 6. 'Sl~l!li'<or·;:m~,fl ~ -Tli:!·?.t;q;n a,N~IRR' < 11m:iifu:~) 'tjli'errf~-·f.l~rt~, a13q1l"1-1 1 7. ..«,::tiM, ~1f.,-.-it ~ liiM ◄ • ......, ~~•<or (I) SJ·(·<'llffM ~ $ 'tjlier it a:r-<i ftlf.14q-1cfifff~ ~ ~" ~ Trif ~. ~ 1fl' ~ a:r-4' fctf.14q-1c:fifffafl$1mr~~11i:!-~ ( U ) ~mtvit aRi filf.14q-14,nf3'1 'IJU~,, &'lcnc::-4 8. *"-~ •1><441~ l(l~~m~.f'a'llffo!l4~14'$ara(UT/~~-tjli~ff'°'l~~/a1NC::l-t '&,U< I 9 • ajfffui'~'?I> ~-.... 3TR 31N ~ I Rl-t'o!ld ~ ~ mi~o·~ Alfi! '?Ii I" lti< R, '4 fcP,fi1 J 1f I 10. q fhf qftl"', ~ afR ~l!ll!.lqff r<ir fterra ~ mill fi;rff '?fi'<~ .. i~ *-r-~ ·iii~ 1 c'it'Ql rtm $ 111irrllfq'fflq'-S 'l("ci '"'-1 '?I>~ it lflq I R.fiili ftqrt croi~) , 11. ~ ~4· ah~~ ( ~ ~ ~)~ mtm fcmr-~it $ ~ ~ $ fflA' ~ CliT 12. ·fiffl'<ul'-1118U1Ui 46UQfwcil ah~-'ffiif1R~'4il '{('"Qi&i.f I 13. ~mii!n'lfi1¢i'irn<i)· ff1u-q-11ifqr~li&r·qn:~qfu<41 ctft ~~•· ah <&<&14 cfiT~ 1 14. 'SJ~c]l·'tjmc::1au$~it'{cf(l1;r'?fi'1'f.lff:ffl~ I 15. ~-lr drm~ ~mlfi@~ I 16. ~lii-S'R"ffl~llft·ft.rnf$~~~0-m:eJT*1i?lfiq1f.lo·~,~~ I [WT III—7 3 ^ 4 ] ■HRd 7 17. ^AsRTi^EHT'RrogitaA^rT^gfttT^fi’n^affinT <re> yi&eMui w*ry-Ti w o t «kt «chm 11 W. fft ^TRIAIUT, 3TK5T^T [faq tm III/4/161/12/aroi.] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION Hyderabad, the 7th February, 2013 Insurance Regulatory and Development Authority (Scheme of Amalgamation andTransfer of Life Insurance Business ) Regulations, 2013 F. No. IRDA/Reg./8/66/2013.— In exercise ofthe powers conferred by clause (zc) of sub-section (2) of Section 114Aofthe Insurance Act 1938 (4 of 193 8) read with Section 6A, 35,36 and 37; and 14 and 26 ofthe Insurace Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations namely :— 1. Short title and commencement 1. These regulations may be called the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulations, 2013. 2. They shall come into force on the date of their publication in the official Gazette. 3. These Regulations shall apply to all life insurance companies. However, the applicability of these Regulations to the Life Insurance Corporation of India shall be subject to the provisions of Life Insurance Corporation of India Act, 1956. 2. Definitions In these regulations, unless the context otherwise requires: a. ‘Act’ means the Insurance Act, 1938 (4 of 1938); b. ‘Authority’ means Insurance Regulatory and Development Authority established under Section 3 of the Insurance Regulatory and Development Authority Act, 1999; c. ‘application’ means application submitted to the Authority along with proposed Scheme as defined hereunder; d. ‘appointed date’ means the date appointed for purposes of giving effect to the scheme of amalgamation and transfer of life insurance business; e. ‘merged entity’ means the resultant Indian Insurance Company consequent upon the implementation of the Scheme; f. ‘Scheme’ means scheme of amalgamation or transfer formulated under Section 35 of the Insurance Act, 1938 and not governed by Section 37A of the Insurance Act 1938, whether or not preceded by any agreement or deed; g. ‘transacting parties’ means the transferor company and the transferee company both of which are ‘Indian Insurance Company’ as defined in Section 2(7) A of the Insurance Act 1938; h. ‘transferor insurer’ means the company or companies, which would transfer the undertaking of life insurance business under the Scheme of amalgamation and transfer; ['IWT III- ~ 4) 17. ~aR"~~~~~~amflf 31:fill~-l~~fflfi'Sll~Un:iqlf-1111lflR1'i"{~ ti -;;), "ffi ~JRlllOT, ~tl[il:f [~ III/4/1 61 /1 2/3ffil.] INSURANCE REGULATORY AND DEVEWPMENT AUTHORITY NOTIFICATION Hyderabad, the 7th February, 2013 Insurance Regulatory and Development Authority (Scheme of Amalgamation andTransfer of Life Insurance Business) Regulations, 2013 F. No. IRDA/Reg./8/66/2013.-In exercise of the powers conferred by clause (zc) of sub-section (2) of Section 114A of the Insurance Act 1938 (4 of 1938) read with Section 6A, 35, 36 and 37; and 14 and 26 of the Insurace Regulatory and Development Authority Act, 1999 ( 41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations namely :- I. Short title and commencement 1. These regulations may be called the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulations, 2013. 2. They shall come into force on the date of their publication in the official Gazette. 3. These Regulations shall apply to all life insurance companies. However, the applicability of these Regulations to the Life Insurance Corporation of India shall be subject to the provisions of Life Insurance Corporation oflndia Act, 1956. 2. Definitions In these regulations, unless the context otherwise requires: a. 'Act' means the Insurance Act, 1938 ( 4 of 1938); b. 'Authority' means Insurance Regulatory and Development Authority established under Section 3 of the Insurance Regulatory and Development Authority Act, 1999; c. 'application' means application submitted to the Authority along with proposed Scheme as defined hereunder; d. 'appointed date' means the date appointed for purposes of giving effect to the scheme of amalgamation and transfer of life insurance business; e. 'merged entity' means the resultant Indian Insurance Company consequent upon the implementation of the Scheme; f. 'Scheme' means scheme of amalgamation or transfer formulated under Section 35 of the Insurance Act, 1938 and not governed by Section 37 A of the Insurance Act 1938, whether or not preceded by any agreement or deed; g. 'transacting parties' means the transferor company and the transferee company both of which are 'Indian Insurance Company' as defined in Section 2(7)A of the Insurance Act 1938; h. 'transferor insurer' means the company or companies, which would transfer the undertaking of life insurance business under the Scheme of amalgamation and transfer; 7 8 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— S ec. 4] i. ‘transferee insurer’ means the company, which would acquire the undertaking of life insurance business under the Scheme of amalgamation and transfer. 3. Application to be submitted to the Authority 1. No Scheme shall be implemented without the proposal for implementation thereof being submitted by the transacting parties to the Authority along with the draft proposed Scheme containing related information as indicated in the Annexure to these Regulations. 2. Every Scheme under these regulations shall be implemented only after final approval of the Authority: Provided that no Scheme under these regulations shall be approved if in 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 applicable laws and regulations; or (iii) the Scheme is not in the best interests of the policyholders; or (iv) the Scheme is not conducive to the orderly growth of the insurance sector. t 4. Notice of Intention 1. Every application for implementation of the Scheme shall be preceded by a notice of atleast two months of the intention to implement the Scheme, together with a statement of the nature of the amalgamation and transfer, along with the reasons thereof to the Authority and certified copies, four in number, of each of the following documents shall be furnished to the Authority: (a) a draft of the agreement or deed or Scheme under which it is proposed to effect the amalgamation and transfer; (b) balance-sheets in respect of the insurance business of each of the insurers concerned in such amalgamation and transfer, prepared in the form as indicated in the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002; (c) Financial Condition Report; Appointed Actuaries’ Annual Report; and Solvency Statement prepared in conformity with the requirements of relevant regulations and Circulars issued by the Authority, including Assets, Liabilities and Solvency Margin Regulations; (d) a report on the proposed amalgamation and transfer, prepared by an independent actuary who has not been professionally connected with any of the parties concerned in the amalgamation and transfer at any time in the five years preceding the date on which he signs his report; (e) a synopsis / executive summary of the proposed transaction, and the terms on which such transaction has been contemplated; (f) a report on the manner in which the interest of the policyholders will be protected; and (g) a report on compliance with the applicable laws, including but not limited to, the Competition Act, 2002 and the employment laws. 2. The balance sheets, reports and abstracts referred to in clauses (b), (c) and (d) shall be prepared as at the appointed date, on a pro-forma basis. These shall include (i) audited financial statements most proximate to the appointed date and (ii) latest quarter’s unaudited financial statements. 3. The aforesaid documents shall be kept open for the inspection of the members and policyholders at the principal and branch offices. 5. Notice of the Scheme: The Authority may, by an order in writing, direct notice of the application to be sent to every person resident in India, who is the holder of a life policy of any insurer concerned; and shall cause a statement of the nature and 8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III-SEC. 4] i. 'transferee insurer' means the company, which would acquire the undertaking of life insurance business under the Scheme of amalgamation and transfer. 3. Application to be submitted to the Authority 1. No Scheme shall be implemented without the proposal for implementation thereof being submitted by the transacting parties to the Authority along with the draft proposed Scheme containing related infonnation as indicated in the Annexure to these Regulations. 2. Every Scheme under these regulations shall be implemented only after final approval of the Authority: Provided that no Scheme under these regulations shall be approved ifin 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 applicable laws and regulations; or (iii) the Scheme is not in the best interests of the policyholders; or (iv) the Scheme is not conducive to the orderly growth of the insurance sector. 4. Notice of Intention I. Every application for implementation of the Scheme shall be precedJd by a notice of atleast two months of the intention to implement the Scheme, together with a statement of the nature of the amalgamation and transfer, along with the reasons thereof to the Authority and certified copies, four in number, of each of the following documents shall be furnished to the Authority: (a) a draft of the agreement or deed or Scheme under which it is proposed to effect the amalgamation and transfer; (b) balance-sheets in respect of the insurance business of each of the insurers concerned in such amalgamation and transfer, prepared in the fonn as indicated in the IRDA (Preparation of Financial Statements and Auditor's Report oflnsurance Companies) Regulations, 2002; (c) Financial Condition Report; Appointed Actuaries' Annual Report; and Solvency Statement prepared in confonnity with the requirements of relevant regulations and Circulars issued by the Authority, including Assets, Liabilities and Solvency Margin Regulations; (d) a report on the proposed amalgamation and transfer, prepared by an independent actuary who has not been professionally connected with any of the parties concerned in the amalgamation and transfer at any time in the five years preceding the date on which he signs his report; (e) a synopsis / executive summary of the proposed transaction, and the tenns on which such transaction has been contemplated; (I) a report on the manner in which the interest of the policyholders will be protected; and (g) a report on compliance with the applicable laws, including but not limited to, the Competition Act, 2002 and the employment laws. 2. The balance sheets, reports and abstracts referred to in clauses (b), (c) and (d) shall be prepared as at the appointed date, on a pro-fonna basis. These shall include (i) audited financial statements most proximate to the appointed date and (ii) latest quarter's unaudited financial statements. 3. The aforesaid documents shall be kept open for the inspection of the members and policyholders at the principal and branch offices. 5. Notice of the Scheme: The Authority may, by an order in writing, direct notice of the application to be sent to every person resident in India, who is the holder of a life policy of any insurer concerned; and shall cause a statement of the nature and