IRDAI(TRANSFER OF EQUITY SHARES OF INSURANCE COMPANIES) REGULATIONS, 2015

I ~ zjo mo :g;s:ro-33004/99 ~ EXTRAORDINARY mTTIH-~4 PART Ill-Section 4 ~~ Y411Wifl PUBLISHED BY AUTHORITY ~ ~. <4twfasm, ~ 23, 201s~ 3, 1937 REGO. NO. D. L.-33004/99 "ff. 1371 No. 1371 NEW DELHI, THURSDAY, APRIL 23, 2015NAISAKHA 3, 1937 ~ I {cf) 4 ffi1 f'4 f.-14 I ii c:fi 3lt{ mTTr ~ ~ ~~{lcill~, 15 ffl, 2015 ~l{cfl4 ifn:n fc=tf.-141'-le:fi 31t"{mm~ (ffi"P4i9 f.?I 41 ~ ~ ~ cfiT ~) f4 Pl 4 ~, 2015 1tif. 'ff. m.~.f<f.f<f:si·1.1fclf.-14ii/3/93/2015.-oo ~. 1938 (1938 cfiT 4) cft' um 6~ cl"~ oo Pct f.-l 4I +1 cfi ~ fctcfirn ~ ~. 1999 ( 1999 cfiT 41) ~ 'ITTTT 26 ~'ITT?.:!'~ 00 ~. 1938 (1938 cfiT 4) cft' um 114~ ITTU ™ l?lTTfim cfiT i;rn.r m g'Q ~Dlf iti:r1 f1&1IQcfil{ mra ~ 'ITT?.:!' tfUlfl?T m ~ ~- ~ wzr f.-l l?! 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II~ ~ ~ R4Gl a" ~ ~m <fiT 6ij91~i-1 (ffl" qz T:{"cfi #MR" ;:ftc ~ cR) 8 THE GAZETTE OF INDIA : EXTRAORDINARY ,----.--=------· . -- . -- -------.------::----------------, ~ ~ 18. S1fa 1fcl a ~ -?r ~ ~fat¾Zil (~ ~ ~): cfi. mi- ~ ~ f%_f.-h1 J.J ~ m:m ~ ~ a f.f?i J.J ~- ITT!?mcFl"~ .-r. t11:?1~1,(_,· cfi'I' rnmftcrr cfiT ~/~ '9°. ~~~cfilNcfi s, ~-cfRrw~ft;rQ:mft-ir~ 'q_ lfl:,~, mft-ir ~ arITT"; ~ ¢fR # meTTTrllc ~- ~~cflTT~ft;rQ:~~ "'"· ~ m:~arr # ITT!?R/ ~,:?i~1t11 rnmftcrr ( 1 m!?ra attt ~ 3ffircfi ~ mftcrr) cfiT ~ ~ - ~ (iffif ~ '.-tr~ tj ~ ~ ~ ~! J,! -- ~ ' me.~ !?N~-1:P-f ~ m~ # ITT ~ fiW.:lcf>l ~ ~ ~ ~ ~ # ~ cfi1' rrf~~~T1T~crmct?r{m ~.rm tum:rrf ~ ~.rw~ rrf t1 or. ct?r{ 3RT ~ ~ ~ ~ rrf ir1 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 15th April, 20 l 5 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (TRANSFER OF EQUITY SHARES OF INSURANCE COMPANIES) REGULATIONS, 2015 F. No. IRDA/Reg/3/93/2015.-ln exercise of the powers conferred by section 114A read with Section 6A of the Insurance Act, 193 8 ( 4 of 193 8) and with section 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, narnely:- CH4.PTER I 1. Short title and commencement.-(l)These regulations may be called Insurance Regulatory and Development Authority of lndia (Transfer of Equity Shares of Insurance Companies) Regulations, 2015. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions.-In these regulations, unless the context otherwise requires, - (a) "Act" means the Insurance Act, 1938 (4 of 1938); (b) "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section ( I) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 ( 41 of 1999); I ' 1 11'1 Ill -"{§f _;:=~=4=]=========='1TT&==cfil==~==:=a:Tm=='tffi"UT============::::...;_=-~==9 ( c) "Tr"mfer of Shares" includes transfer of shares from existing shareholder to another perso~ and i11cludcs transmission and fresh issuance of the equity shares which lead to change in the sharchol_ding pattern of an insurance company; (d) "Shareholding Pattern" means the shareholding pattern which was approved by the Author-ity at the • time of grant of certificate ,of registration or at any subsequent time; (c) "Indian promoter" means a person defined as "Indian Promoter" in the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000; (I) "Investor" means a person who is otherwise eligible to invest in the equity shares of insurance companies and includes a foreign investor as defined in Indian Insurance Companies (Foreign Investment) Rules, 2015; (g ) All wdrds and expressions used herein and not defined in but defined in the Insurance Act, 1938 (4 of 193 8), or in the Insurance Regulatory and Development Authority Act, 1999 ( 41 of 1999), shall have the meanings respectively assigned to them in the those Acts. Chapter II : Transfer of Shares Registration of Transfer: 3. No registration of transfer of shares or issue of equity capital of an insurance company which would result in change in the shareholding shall be made, where, a. after the transfer, the total paid up holding of the transferee in the shares of the insurance company is I ikely to exceed five percent of its paid up capital, or b. the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one percent of the paid up equity capital of the insurance company, unless the previous approval of the Authority has been obtained for the said transfer. Application for Transfer: 4. The application seeking prior approval of the Authority under the prov1s1ons of Section 6A of the Insurance Act, 193 8 shall be made in Form A. The Application shall be accompanied by the requisite documents and the details of the transferee as specified in Form B providing complete details of the proposed transferee, its financial strength, sources of funds from which the proposed investment is intended to be made, and such other information as may be prescribed by the Authority. Declaration on Beneficial Shareholding: 5. The application for transfer of shares shall be accompained by a declaration from the proposed shareholder whether the shares are proposed to be held for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each. Due Diligence: 6. The Authority shal l carry out the requisite due diligence of the proposed transferee prior to grant of approval for registration of transfer of shares under the provisions of Section 6A ( 4) of the Insurance Act, 193 8, or for issue of shares to the proposed transferee. Chapter: III : Condition for Approval Indian Promoters: 7. The Indian promoters shall hold shares in an insurance company as approved by the Authority. Provided that the Authority shall, wh ile according its approval, prescribe such conditions on promoters as it may consider appropr_i_ate, including but not limited to: a. Minimum lock in period; b. Infusion of additiom1l capital in proportion of its shareholding or otherwise, at periodi-: ;ntervals to ensure that the insurance company is compliant with the regulatory solvency requirements at all times; and ', I ~ r-, I -- -, THE GAZETTE OF INDIA: EXTRAORDINARY [PART III- SEC. 4] c. Compliance with all regulatory stipulations imposed on the promoters while granting R3 under the · IRDA (Registration of Indian Insurance Companies) Regulations, 2000 to the said insurance company. {or d Jl..'1 I.Ji J:.f. ·f '.l£.J.i. 8. The Foreign investors shall hold shan.:s in an insurance company in accordance with the provisions of Indian Insurance Companies (Foreign Investment) Rules, 2015 . Provided that the Authority, while according its approval, may prescribe such conditions as it may consider appropriate, including but not limited to: a. Minimum lock in period; b. Infusion of additional capital in proportion of its shareholding at periodic intervals to erisure that the insurance company is compliant with the regulatory solvency requirements at all times; and c. Compliance with all regulatory stipulations imposed on the promoters while granting R3 under the ]RDA (Registration of Indian Insurance Companies) Regulations, 2000 to the said insurance company. Ceiling on holdings of Indian Investors: 9. The Investors excluding the foreign investors shall hold shares in an insurance company subject to the following conditions ~ a. Where there are one or more investors in an insurance company, no investor shall hold shares in an insurance company exeeeC:ing ten per cent of the paid up equity share capital of such insurance company. Ii. /\I I i11 vc~t,1rs as indicated at (a) above, jointly shall not hold more than twenty five p_yrcent of paid up equity share capital of'the insurance company. lnterpretatio11: ~ 10. The interpretation of these regulations shall be that of the Authority, whose_ de'tisions ~)n. all issues shall be binding on all applicants. ' · FORMA T. S. VlJAYAN, Chairman (ADVT. IJI/4/ Exty./161/25/15] Application for approval of transfer of the shares in terms of Section 6A of the Insurance Act, 1938 ~ . ~ 1. In terms of IRDA (Registration of Indian Insurance Companies) Regulations, 2000, ........................ . (Name of the insurance company) has been granted Certificate of Registration No ....... on .... .. (date) to carry on ........... (Life Insurance/ General Insurance/ Health Insurance/ Reinsurance) business. 2. The shareholding of the insurance company at the time of grant of certificate of registration was under Sl. No. Promoter/ Shareholder No. of shares Per cent of total Lock-in-period Lock-in held shareholding (No. of years) period ends on (Date) .'. I. ~ ·········· 2. ,, . .... ... ; . ·~ ,, .). . ... ....... . • ' · IJosl registration of the ................ insurance co111pn11y, the shares of .... ...... ................. pronwtcn, / investors were transferred in favo11r of. ....................... post grant of' requisite approval of' the Authority vie.lo its letter no .............. dated .................... (where applicable). While granting approval for transfer of the said shares, the Authority had stiupulated a lock in period on th1.: inc1Jn1hc11t trnnsfcrce(s), as per details furnished as under - . -- - ---·---- ·-··- _,_ .... . _ .... ..,_ .---- --· SI No. rironwtcr/ Silan.lholdcr N\1. or shun:s held Pcr cent of totul I ,ock-in-periocl l ,ock- i11 4. SI. No. <i harcholdin g (No. or years) period ends on (Date) ---- ; ---- --·- Th 1 (Name or the Insurance Company) hereby seek approval of the Authority in terms of scc1io11 6/\ (ti) (b) (ii)/ (iii) of the Insnrm1ce Act, !938 for (t) registration oftmnsfer of shams held by the prvn .\,t\.,1 <~) / i11vc!)i.u1 (s) and/ or (ii) a1iotment Of shares on preferential basis through private placement as per details given below : .,.. ting Exis Prom lnve oter/ stors - -· ------ No. of Per cent Shares Existing held Shareholding - - ··-- - t-- ·--·-1--·- of New Promoter/ No. of Share Per cent of 1nvestors held post Shareholding Transfer/ Post Transfer/ Allotment Allotment -- --·- - '-- - ---· On receipt of' approval from the Authority, we shall ensure compliance with all regulatory requirements, including but not limited to the Corporate Laws and any other stipulations as may be applicable. Ph,cc: e> Date: Enclosed: Form 13 ,--- . --- ----·· -- ·- - --- SI. No. Particulars f--------~-- - -- I Na me of lhc Proposed Transferee : (Name and Full address iivinK the JJroposed 71-an.1feree) -- --~---- 2. Legal Form / Status : Form- B details of the ·---.---- ·- --- -- -- e> (Signature) Chief Executive Officer/Chairman (Name of the Insurance Company) Remarks Individual I LLP/ Partnership fi1111 I Corporate Entity I Co-operative Society/ Bank/ Financial lnstitution/ Any other (pl snecifv) . , , 12 THE GAZETTE OF INDIA: EXTRAORDINARY [PART III-SEC. 4] SI. No. Particulars- Remarks 3. No. and Date of Incorporation : (Date of Birth in case ofindividual) 4. Permanent Account Number under the Income Tax Act and name and address of Income Tax Circle - 5 (a) Transferee status : Investor/Promoter (b) Whether the investor and/or promoter or its group company are also shareholder in an insurance intermediary. (If yes, then please give complete details) (c) Whether the investor and/or its promoter or its group company is having share holding .,. I I I I in ar1y othci insurance co1npany. I ~ I I '• (If yes, then pi ease give complete detaiis) - 6 Letter of Consent of proposed Transferee (Please provide copy of Board resolution approving acquisition in case of Corporate entity) 7. Copies of requisite approvals by the relevant jurisdiction/ sector regulator as applicable - - -- --- ---- - -- ·-··-- f--· 8. ('opics or rcquisitc approvals under 1:orcign h:.changc Managcmcnt !\ct, 2000 (f-'EM/\) - ·-- - -- ··--- - - ______ ,. ______ ,_. 9. Copies of requisite approvals, if any under the provisions of Competition Commission of India. .? --- - - - 10. Letter of Cr'lnc.~,-. n~ nF tl.-.n proposed Transl'crct· V H ..JVll L ~ l lllV confirming compliance with all stipulations as may be laid down bJ'. the Authority. --- - 11. Confirmation from the insurance company (applicabk only Ill case of unlisted entities) indicating concerns, if any, on the revised ----- sharchold ing~t~_rn . ---- . - --· 12. Board Resolution or the applicant company seeking to iss1 1c slrnrcs, if' ar,11l icablc - - ·- - - - - - ·- u Fit and Prnpcr· a. Dec la rat ion prll\·iding details of civil/crirninal ' regulatory action taken/pending against the proposed transferee b. Whether the transferee or the Directors of the transferee have ever been ref11sed (or had revoked) a I ic--:nsc or authorisation to c:1rry Oil any regulated financial business. -- __ _ _JI/ yPs, then p__lease give com[>lete details tju'rl!_!'{f) e. Details of any censure or disciplinary action initiated hv !=In" ~f"\,1Prnr,,t:,,n1" Regulatory_ or - · ~--- -.1 ---,!_ ~- ~ ..., .. ,,.,.1. ..... ,,", -- - ,. . , 11nJ1 111 - "&U;g- 4] ·1w11 ,t-.1 {1,,1y:,1 : ,wr•m,11 I I :=.:..:==========----- - ·- _, __ -·--==========-- SI. No. •Hrticulars Remarks l.t 15 I(, 17. 18 Professional Body. l. Whether any Governmental Regulatory or Professional Body has ever investigated any company, firm or organisation with which tile Directors and key persons have been associatL:d as a director, officer, manager or sharchol<.kr. Jjjyes, then provide the complete detc'.!{:~) )etails of any Agreement in place / propos1,;d to he entered into with the insurance company. Declaration for the Beneficial own1,;rsliip: A decli1ration by the transferee as lo whdhcr he proposes to hold the shares for his own benefit or as nominee, whether jointly or severally, 011 behalf of others and m the latter case g1v111g the name, occupation and address of the beneficial owner or uw11ns, and the extent of the beneficial interest of -- VVl1c1c !he request for transfer vviU }cad tu increase 1n FD! beyond 26 percent then please furnish the stalus or the approval of Foreign Investment ·--------------- l'ro111~lt_~~~~a_r_d_(.,__F_l_P_B~)------------+--------------------1 l '0111plia11cc of provisions of "Indian owned and c(•llll'llllcd" (JJ/1 ·u.1 ,. t1I/, '.ch ~, !1ri~f110te_ < __ n_, _tl"_,e_, _sa __ t._11~e)'--------+------------------1 l)ocu111c11ts pertaining to the proposed Transferee (ns applicable): ,? a. Memorandum of Association and b. C. d. e. ,.. I. g. h. Articles of Association List of the Directors Shareholding pattern / details of partners Key Managerial personnel Financial statements for the previous five yeara Brief note about the background, financial strength; etc. Income tax statements for last five years Details of Directorship / Partnership/Shareholding ( equity shares holding of one per cent and above) in other entities 1. Self Attested Affidavit confirming that the information furnished 111 Forms A and B alongwith the attachments therewith is correct and complete, and nothing has been concealed or suppressed. J. Any other information, which may be considered relevant. . --------- -------------.....L-----------------~ Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publicl1tions, Delhi-! ! 0054. , I