Page 25 - Life Insurance Today January 2018

Circular

IRDAI Circular

The Prevention of Money-laundering the Authority is in receipt of proposals wherein Private
Equity Fund / Venture Fund / Alternative Investment have
(Maintenance of Records) Seventh evinced interest in purchase of stake / promote an
Amendment Rules, 2017 insurance company either as investor or as promoter.
Ref. No:IRDAI/SDD/CIR/MISC/267/12/2017
In light of the above, the Authority, in exercise of the
Date:18-12-2017 powers conferred by sub (1) of Section 14 of Insurance
Regulatory and Development Authority Act, 1999, read
This is further to our Circular ref: IRDAI/SDD/MISC/CIR/248/ with clause (b) of sub-section (4) of Section 6A of the
11/2017 dated 8th November, 2017 with regard to the Insurance Act, 1938, hereby, issues the following guidelines:
Prevention of Money-laundering (Maintenance of Records)
(Second Amendment) Rules, 2017. 1. Applicability:
i. These Guidelines shall be in addition to, and
The Central Government has notified the PML (Maintenance should be read with any other law for the time
of Record) (Seventh Amendment) Rules, 2017 on 12.12.2017 being in force, including the IRDAI (Transfer of
and has issued Gazette Notification on 13.12.2017. Equity shares of Insurance Companies)
Accordingly, the date of submission of the Aadhaar Number Regulations, 2015;
and Permanent Account Number or Form 60 by the clients ii. These Guidelines shall be called Insurance
to the reporting entity is 31st March, 2018 or six months Regulatory and Development Authority of India
from the date of commencement of account based (Investment by Private Equity Fund or Alternate
relationship. Investment Fund in Indian Insurance Companies)
Guidelines, 2017;
This is for your information and necessary action.
iii. These Guidelines shall be applicable to unlisted
Indian insurance companies and to the Private
Member (Life)
Equity Funds who have invested in the unlisted
Indian insurance companies either as investor or
IRDAI (Investment by Private Equity as promoter;
Funds in Indian Insurance Companies) iv. These guidelines shall come into effect on the day
Guidelines, 2017 of the issuance.

Ref. No:IRDA/F&A/GDL/PEF/263/12/2017
Date: 05-12-2017 Part - A
2. Definitions: In these guidelines, unless the context
Background otherwise requires, -
The Authority in past has allowed Private Equity Fund (PE i. “Act” means Insurance Act, 1938 (4 of 1938);
Fund) and Alternative Investment Fund (AIF) to invest in
ii. “Authority” means the Insurance Regulatory and
insurance companies as investors. However, in recent past,

Life Insurance Today January 2018 25

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