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The Insurance Regulatory and Development Authority of India sets the effective date of the IRDAI (Investment) Regulations, 2016 as 31st March 2017. All insurers must report compliance in regulatory periodical submissions starting from the quarter ended 31st March 2017. Insurers must place the regulations and the annexed Investment Master Circular before their board of directors in the next board meeting.
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[Image omitted. See the official document.]
Date: 24th Aug, 2016
REF: IRDAI/F&I/CIR/INV/172/08/2016
The CEOs of all Insurers
Sir / Madam
Sub: IRDAI (Investment) Regulations, 2016 – Reg.
The Authority had notified IRDAI (Investment) Regulations, 2016 vide file No IRDAI/Reg/22/134/2016 Dt. 1st August, 2016. As the Regulations mandate certain Systems and Process to be put in place, the IRDAI (Investment) Regulations, 2016 shall be effective from 31st Mar, 2017. Thus, Insurers shall report compliance to IRDAI (Investment) Regulations, 2016 in the regulatory periodical submissions from quarter ended 31st Mar, 2017
As reference to earlier Circulars and Guidelines issued prior to notification of IRDAI (Investment) Regulations, 2016 are based on the earlier Insurance Act, 1938 the Authority had made the necessary amendments to the Circulars and Guidelines issued earlier and have issued the annexed Investment - Master Circular on IRDAI (Investment) Regulations, which will serve as one stand point reference. The Master Circular covers all Operational, Procedural and Guidelines issued on the following lines:
Insurers are hereby directed to place the Regulations, Investment - Master Circular on IRDAI (Investment) Regulations, 2016 before their Board in their next meeting and apprise their Board of the changes that have been brought in the Investment Regulations.
[Image omitted. See the official document.] SN Jayasimhan JD (Investments)
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