IRDAI vide Circular bearing reference no: IRDAI/F&I/CIR/Misc/119/9/2024 dated September 6, 2024, issued a modification to the Master Circular on Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers, 2024 dated May 15, 2024 (Circular’) to provide clarifications on provision of IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 (“Registration Regulations, 2024”)
Modification introduced by the Circular:
Extant Provision
Modified Provision
D.2 With respect to Regulation 50 of Registration Regulations, 2024:
The other forms of capital issued by any insurer may be subscribed by any of the following entities, subject to compliance of all other applicable laws:
1. “Indian Promoter” as defined in Registration Regulations, 2024.
2. “Indian Investors” as defined in Registration Regulations, 2024.
3. “Foreign Promoter” as defined in Registration Regulations, 2024.
4. “Foreign Investors” as defined in Registration Regulations, 2024
D.2 With respect to Regulation 50 of Registration Regulations, 2024:
The other forms of capital issued by any insurer may be subscribed by any of the following entity(ies), subject to compliance with all other applicable laws including but not limited to laws pertaining to taxation, foreign exchange, anti-money laundering, combating the financing of terrorism:
1. Any entity incorporated, set-up or registered under any law for the time being in force in India; or
2. Any entity incorporated, set-up or registered under any law for the time being in force in any Financial Action Task Force compliant jurisdiction.
This Circular will come in force from the date of issuance.
Any OFC issued prior to this Circular will continue to be governed by the terms of issuance of the said OFC.
A copy of the Circular is hereby attached for your perusal and ready reference.
Source category: IRDAI
Attachments
- /2024/427_2024_09_06_-_IRDAI_Circular_-_Subscribers_to_Other_Forms_of_Capital.pdf
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