IRDAI (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 202

Background

The Authority has published IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024 (‘Regulation’), in the Gazette of India, bearing F. No. IRDAI/Reg/9/203/2024 dated March 20, 2024, after repealing the following prescription:

1. IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 and

2. IRDAI (Lloyd’s India) Regulations, 2016

The central objective of the Regulation is to promote orderly growth of the reinsurance market in India, and to strengthen and harmonize the current legal and regulatory framework in relation to the various aspects governing entities engaged or intending to engage in reinsurance operations in India.

Major highlights of the Regulation are mentioned hereinunder:

1. Applicability: The Regulation shall come into effect from April 1, 2024, and shall remain in force for three years thereafter.

2. Applicant is defined as under:

a. A foreign entity engaged in reinsurance business other than Lloyd’s;

b. The Society of Lloyd’s on behalf of Members of Lloyd’s, hereafter referred to as “Lloyd’s”;

c. Lloyd’s India on behalf of service companies and syndicates which is desirous of obtaining registration for operating branch office in India..

3. The Authority has consolidated common provisions relating to registration and operations applicable for both Lloyd’s and other than Lloyd’s in these regulations.

4. Provisions for the Merger and Acquisition of parent entities of foreign reinsurer branches have been introduced.

5. Annual fees for the foreign reinsurer branches have been enhanced from five lakhs rupees to ten lakhs rupees.

A copy of the Regulation is attached herewith for your reference.

Source category: IRDAI

Attachments

• /2024/376_IRDAI_(Registration_and_Operations_of_Foreign_Reinsurers_Branches_Lloyd’s_India)_Regulations,_2024.p