Page 49 - Insurance Times April 2017 Special Issue on Newindia

Investment in Units of "Real Estate Invest- v. Investment in Units of REIT will form part of
"Investment property" as per Note 6 to the
ment Trusts (REIT) &Infrastructure Invest-
Regulation 9 of IRDAI (Investment) Regulations,
ment Trusts (InvIT)" 2016 read along with Master Circular - Investments

Ref:IRDAI/CIR/F&I/INV/056/03/2016-17
2. The Investment in Units of REIT / InvITs shall be valued
Date: 14-03-2017 at Market Value (last Quoted price should not be later

The Authority under Section 14 (2) (k) of IRDA Act, 1999, than 30 days). Where Market Quote is not available for
issues the following amendment to Master Circular - the last 30 days, the Units shall be valued as per the
Investments, 2016, which shall be effective from the date latest NAV (not more than 6 months old) of the Units
of issue of this Circular: published by the trust

Investment in Units of "Real Estate Investment Trusts (REIT) 3. The Category Codes (COI) applicable for Investment in
&Infrastructure Investment Trusts (InvIT)" the Units of REITs and InvITs are:
Units of REITs / InvITs- Approved
1. Insurers can invest in Units of REITs / InvITs which Investments
conform to the following:
i. The REIT /InvIT rated not less than "AA"shall form D40: Units of Real Estate Investment
part of Approved Investments. REIT / InvIT rated Trust (REITs) - ERIT
less than AA shall form part of Other Investments. D41: Units of InvIT - EIIT
ii. An Insurer can invest not more than 3% of Units of REITs / InvITs- Other Investments
respective fund size of the Insurer (or) not more E29: Units of Real Estate Investment
than 5% of the Units issued by a single REIT / InvIT, Trust (REITs) - ORIT
whichever is lower.
E30: Units of InvIT - OIIT
iii No investment shall be made in REIT /InvIT where
the Sponsor is under the Promoter Group of the 4. The Concurrent Auditor in his Quarterly Report to the Audit
Insurer Committee / Board of the Insurer shall confirm compliance
iv. Investment in Units of InvIT will form part of to the above norms and disclosure requirements.
"Infrastructure Investments", for the purpose of
Pattern of Investments under IRDAI (Investment) V R IYER
Regulations Member (F&I) 

MetLife Inc is committed to grow in India

MetLife Inc, is "fully committed" to growth of its Indian life insurance joint venture unit, a top official said. "As a
shareholder and a partner in this joint venture, we are fully committed to the growth and success of PNB MetLife,"
said Chris Townsend, President Asia, MetLife Inc. "We believe that with the combination of PNB's extensive network
and our global strategy supporting its ambitions, PNB MetLife is well positioned to capture the opportunities in this
fast-growing market," he said.
His remark is significant as it comes amidst speculation that MetLife Inc was looking to exit the market. However,
sources said that MetLife may actually increase stake in PNB MetLife from the current 26 per cent to 49 per cent, the
maximum allowed under the new FDI limits for the insurance sector.

!! Hearty Congratulations !!

Thanks readers for excellent response for our Insurance Quiz published in our March 2017 issue. This month the lucky
winner of the Quiz is Madhavi S. Apte.

Who will be the next?????

The Insurance Times, April 2017 49

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