Page 28 - Life Insurance Today FEBRUARY 2016

Circular
IRDAI Circular
Reporting of Compliance regarding Indian
Ownership and Control
Ref: IRDA/F&A/CIR/CPM/224/12/2015
Date: 23-12-2015
Attention is drawn to the Guidelines on Indian Owned and
Controlled issued by the Authority Ref. IRDA/F&A/GDL/
GLD/180/10/2015 on the 19th October, 2015. The
Guidelines envisage confirmation of compliance with the
criteria of Indian Ownership and Control by all the Indian
Insurance Companies within a period of three months, i.e.
by the 18th of January, 2016.
The stipulations are applicable to all the insurers
irrespective of the extent of foreign shareholding. The
Guidelines also provide, on an application made to the
Authority by an insurer, for an extension of the period of
compliance by a further period of three months.
While some insurers have applied to the FIPB as well as
the Authority, seeking approval for change in their
shareholding pattern and revision in the limit of foreign
investment, majority of insurers have not done so.
It may be emphasized that the Guidelines provided a
maximum period of six months for compliance from the
date of issue.
Considering that a majority of insurers have not applied to
the Authority either for change in shareholding or for
extension of time limit for reporting compliance as
envisaged under the guidelines and that the requirement
is mandatory in terms of the Insurance Act, 1938 and the
Indian Insurance Companies (foreign Investment) Rules,
2015, the Authority is inclined to advise as under:
28 February 2016
Copyright@ The Insurance Times. 09883398055 / 09883380339
I. All insurers should confirm and report compliance with
the Indian ownership and control criteria as envisaged
in the applicable Insurance law within 3 months of the
date of the Guidelines, i.e. on or before 18th January,
2016;
II. All insurers who are not in a position to comply with
the stipulations as regards the Indian ownership and
control should furnish a confirmation on or before
18th January, 2016 from their Board of directors
assuring of reporting compliance within a maximum
period of six months from the date of the Guidelines.
(V R Iyer)
Member F & I
Guidelines on settlement of Insurance Claims
of victims of recent Floods in Chennai and
other affected areas of the states of Tamil
Nadu, Puducherry & Andhra Pradesh
Ref: IRDA/LIFE/MOF/2015-16 Date: 07-12-2015
Attention is invited to the captioned subject. As a result of
the heavy rains and floods, there are reports of loss of
human lives and loss of belongings in the states of Tamil
Nadu, Puducherry and neighbouring districts of Andhra
Pradesh. In order to extend the possible facilitation in
quick and timely settlement of life insurance claims to the
affected people in the places mentioned in the subject,
you are advised to take the following actions immediately:
1. Nominate Senior Officer/s who would act as the Nodal
Officer/s in the states for coordinating/ expediting
settlement of all the claims that are reported.
2. Convey the particulars of the Nodal Officer so
nominated to the Chief Secretary and Officer
Life Insurance Today