Laws and sections by number or title, due dates, pages, and updates.
Insurers must obtain a Legal Entity Identifier code on or before 31st July 2020. Insurers must also advise their existing corporate borrowers with total exposures of fifty crore rupees and above to obtain the code by 30th June 2020. Insurers cannot sanction new loan proposals or grant credit facility renewals and enhancements without the Legal Entity Identifier code. Insurers must capture the code of corporate borrowers in their records and specify it when reporting transactions.
What you must do
Key dates
Who is affected
Thresholds
If you do not comply
Ask about this circular
Ref: IRDAI/F&A/CIR/MISC/134/06/2020
To
All the insurers
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INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
Date: 05.06.2020
Re: Legal Entity Identifier (LEI) code
A. Legal Entity Identifier (LEI) code has been conceived of as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. The LEI is a 20-character unique identity code assigned to entities who are parties to a financial transaction. The Reserve Bank of India vide circulars RBI/2016-17/314 dated pt June, 2017, RBI/2017-18/82 dated 2nd November, 2017, RBI/2018-19/83 dated 29th November, 2018 and RBI/2018-19/177 dated 26th April, 2019, has implemented the requirement of LEI in OTC derivatives markets, banking sector and govt. securities market in a phased manner. LEI can be obtained from Legal Entity Identifier India Ltd. B. Pursuant to the advice of the Financial Stability Development Council, Sub-Committee (FSDC- SC), IRDAI examined the requirement to obtain LEI by its regulated entities and the entities dealing with the regulated entities. Accordingly, it has been decided that
