The Authority had constituted a Regulation Review Committee (RRC) with an intent streamline various regulations issued by the Authority, to enhance the ease of doing business and simplify regulations by moving towards a principle-based regime to make them more effective. The RRC recommended the consolidation of the existing prescriptions i.e. the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015; IRDAI (Lloyd’s) Regulations, 2016 under a single prescription.
Major highlights of the Exposure Draft for Registration and Operations of Foreign Reinsurers Branches & Llyod’s India.
1. Common Provisions: Common provisions such as provisions related applicant’s eligibility, procedures for action in case of default, provisions related operational matters etc. have been unified.
2. Process of Filling an application : Two different processes for filling an application have been introduced, one for Foreign Reinsurer’s Branch and the other for the Llyod’s and Llyod’s India.
3. Amalgamation, Merger and Acquisition: The detailed process related to amalgamation, merger and acquisitions of Foreign Reinsurers Branches has been introduced.
4. Annual Fee: The annual fee for the foreign reinsurer branches has been increased from five lakhs rupees to ten lakhs rupees.
5. Appeal to SAT: The Exposure Draft has introduced a provision with respect to appeal to Securities Appellate Tribunal in accordance with the extant applicable provisions of Section 110 of the Insurance Act, 1938.
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Regulatory Updates- ElpeeCo.
Source category: IRDAI
Attachments
- /2023/312_IRDAI_(Registration_and_Operations_of_FRB_Lloyd’s_India)_Reg_,_2024_(Annex-A).docx
- /2023/312_Covernote_EXPOSURE_DRAFT_IRDAI_(Registration_and_Operations_of_F_R_B_Lloyd’s_India)_Reg,_2024.pdf
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