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

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! mr@ "{lo ito l@o-33004/99 ~ EXTRAORDINARY 'IWT IJ.1- l§Us 4 PART Ill-Section 4 ~ ~ ~ PUBLISHED BY AUTHORITY ~ ~. 1~wfa1:m, aifu 23, 201s~ 3, 1937 REGO. NO. D. L.-33004/99 -ri. 1371 No. 1371 NEW DELHI, THURSDAY, APRIL 23, 201SNAISAKHA 3, 1937 ~ .fnn fcl ~ 41 'let> ~ ~ ~ ~ ~ . 15$,2015 ~.fnn fcl~41'l'ti ~~ stlff.lcti(OI (.fnn.j,q~~ifi"~~<til~) Fcl~4'l, 2015 'fiT. 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No. IRDA/Reg/3/93/2015.-ln exercise of the powers conferred by section I 14A read with Section 6A of the insurance Act, 1938 (4 of 1938) 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, namely:- CHAPTER I 1. Short title and commencement.---( I )These regulations may be called Insurance Regulatory and Development Authority of India (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.-ln these regulations, unless the context otherwise requires, - ( a) "Act" means the Insurance Act, 193 8 ( 4 of I 93 8); (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, l 999 ( 41 of 1999); - 9 (c} "Transfer of Shares" includes transfer of shares from existing shareholder to another persoi:i and includes transmission and fresh issuance of the equity shares which lead to change in the shareholding pattern of an insurance company; (d) "Shareholding Pattern" means the shareholding pattern which was approved by the Authority at the • time of grant of certificate of registration or at any subsequent time; (e) "Indian promoter" means a person defined as "Indian Promoter" in the Insurance Regulatory and Development Authority (Registration of [ndian Insurance Companies) Regulations, 2000; (f) "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, 20 IS; (g) All words and expressions used herein and not defined in but defined in the Insurance Act, 1938 (4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of I 999), 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 likely 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 provisions of Section 6A of the Insurance Act, 1938 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: , I 6. The Authority shall carry out the requisite due diligence of the proposed transferee prior to grant of I • I 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: Ill : 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, while according its approval, prescribe such conditions on promoters as ·ft may consider approptj_ate, including but not limited to: a. Minimum lock in period; b. Infusion of additional capital in proportion of its shareholding or otherwise, at periodic intervals to ensure that the insurance company is compliant with the regulatory solvency requirements at all times; and :t~? /:,--], 10 THE GAZETTE OF !NOIA: EXTRAORDINARY [PART Ill- 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. Foreign Investors: 8. The Foreign investors shall hold shares 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 ensure 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 Ito/dings o{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 exceeC:ing ten per cent of the paid up equity share capital of such insurance company. b. All investors as indicated at (a) above, jointly shall not hold more than twenty five pp-cent of paid up equity share capital of the insurance company. Interpretation: 10. The interpretation of these regulations shall be that of the Authority, whose dtfuisions on all issues shall be binding on all applicants. ' · FORM A T. S. VIJAYAN, Chairman [ADVT. 111/4/ Exty./161/25/15) Application for approval of transfer of the shares in terms of Section 6A of the Insurance Act, 1938 I. In terms of !RDA (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 SI. No. Promoter I Shareholder No. of shares Per cent of total Lock-in-period Lock-in held shareholding (No. of years) period ends on (Date) I. ······ .. ·· ', ... 2 . ........ ,, 3 . ........... 1 'qffif q;r ~ : arnTimuT ]1 3. Post registration of the ................ insurance company, the shares of ........................... promoters / investors were transferred in favour of ........................ post grant of requisite approval of the Authority vide its letter no .............. dated .................... (where applicable). While granting approval for transfer of the said shares, the Authority had stiupulated a lock in period on the incumbent transferee(s), as per details furnished as under SI. No. Promoter/ No. of shares held Per cent of total Lock-in-period Lock-in Shareholder shareholding (No. of years) period ends on - (Date) 4. The ............ (Name of the Insurance Company) hereby seek approval of the Authority in terms of SI. No. section 6A ( 4) (b) (ii)/ (iii) of the Insurance Act, ! 93 8 for (i) registration of transfer of shaiCS held by the piviiivt,o, (s) / i11vc~lu1 (~) ami / or (ii) ;iiiotmenr of shares on preterential basis through piivatc placement as per details given below : Existing No. of Per cent of New Promoter/ No. of Share Per cent of Promoter/ Shares Existing Investors held post Shareholding Investors held 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. Place: Date: (Signature) Chief Executive Officer/Chairman (Name of the Insurance Company) Enclosed: Form B Form- B SI. No. Particulars Remarks 1 Name of the Proposed Transferee : (Name and Full address giving the details of the proposed Transferee) 2. Legal Form / Status : Individual I LLP/ Partnership firm I Corporate Entity / Co-operative Society/ Bank/ Financial Institution/ Any other (pl specify) 12 THE GAZETTE OF INDIA: EXTRAORDINARY [PART lll-SEC. 4) SI. No. Particulars Remarks 3. No. and Date of Incorporation : (Date of Birth in case of Individual) 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 havi11g ~ham holding I in any other insurance company. - ' (If yes, then please give complete details) 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 8. Copies of requisite approvals under Foreign Exchange Management Act, 2000 (FEMA) .. 9. Copies of requisite approvals, if any under the provisions of Competition Commission of India. 10. Letter of Consent of the proposed Transferee confirming compliance with all stipulations as may be laid down by the Authority. 11. Confirmation from the insurance company (applicable only m case of unlisted entities) indicating concerns, if any, on the revised shareholding pattern. 12. Board Resolution of the applicant company seeking to issue shares, if applicable u 13 Fit and Proper a. Declaration providing details of civil/criminal/ regulatory action taken/pending against the proposed transferee b. Whether the transferee or the Directors of the transferee have ever been refused (or had revoked) a license or authorisation to carry on any regulated financial business. (If yes, then please ~ive complete details thereof) c. Details of any censure or disciplinary action initiated by any Government, Regulatory or LJ SI.No. l 14 15 17. 18 Particulars Professional Body. d. Whether any Governmental Regulatory or Professional Body has ever investigated any company, firm or organisation with which the Directors and key persons have been associated as a director, officer, manager or shareholder. (if ves, then orovide the comolete details) Details of any Agreement in place / proposed to be entered into with the insurance company. Declaration for the Beneficial ownership: A declaration by the transferee as to whether he proposes to hold the shares for his own benefit or as nominee, whether jointly or severally, 6n 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 ead1. Wh1:r1: the request for transfer wiil iead to increase in FDI beyond 26 percent then please furnish the status of the approval of Foreign Investment Promotion Board (FlPB) Compliance of provisions of "Indian owned and controlled" (please attach a brief note on the same) Documents pertaining to the proposed Transferee (as applicable) : 13 Remarks a. Memorandum of Association and Articles of Association b. c. d. e. List of the Directors Shareholding pattern / details of partners Key Managerial personnel Financial statements · for the previous five years f. Brief note about the background, financial strength; etc. g. Income tax statements for last five years h. 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 in 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. Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-I I 0064 and Published by the Controller nf Puhlir.fltions, Delhi-! 10054. •