Page 20 - Insurance Times July 2016
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13. Adjucating dispute between insurer and intermediaries. First of all let us we discuss the impact of Latest New Regu-
lations for General Insurance Companies for Issuance of
14. Supervising the currently assigned functions of Tariff Capital.
Advisory Committee (TAC).
1) Issuance of capital by indian insur-
15. Specifying percentage of Insurance Business to be un- ance companies transacting other than
dertaken in Rural & Social Sectors. life insurance business:
From the initial days of April, 2000, Indian Sole Regulator, The Insurance Regulatory and Development Authority of
the IRDAI, immediately on assuming the Power & Respon- India ("IRDA") has on December 15, 2015 issued the IRDA
sibilities first started observing the existing Indian Market (Issuance of Capital by Indian Insurance Companies
and thereafter IRDA had come forward with all their Regu- transacting other than Life Insurance Business) Regulations,
lations to ensure strict compliance of the business / regula- 2015 ("IRDA Capital Regulations"). The IRDA Regulations
tory norms, terms & conditions. The important IRDA Regu- have come into effect from December 18, 2015 and
lations may be noted as: supersedes the IRDA (Issuance of Capital by General
1. Registration of Indian Insurance Companies, 2000. Insurance Companies) Regulations, 2013.
2. Regulation Relating to Investment of Fund, 2000.
The salient features of the IRDA Capital Regulations
3. Obligation of Insurer to Rural Sector, 2000. have been summarized below:
4. Regulations for Insurance Brokers, 2002. 1. Indian Insurance Companies that have been granted
certificate of registration to transact the business of
5. Regulation Relating to Insurance Advisory Committee, general insurance or health insurance or reinsurance will
2000. have to seek prior approval of the IRDA before ap-
proaching the Securities Exchange Board of India
6. Licencing of Insurance Agents, 2000. ("SEBI") for public issue of shares and for any subse-
quent issue, by whatsoever name called, under the SEBI
7. Regulation Relating to Asset/Liabilities & Solvency Mar- (Issue of Capital and Disclosure Requirements) Regula-
gin of Insurer, 2000. tions, 2009 ("ICDR Regulations") by either any or all of
the manner set out below:
8. Regulation Concerning Appointment of Actuary, 2000. i. Divestment of equity by one or more of the promot-
ers or the investor(s) through a public offer for sale;
9. Regulation on Actuarial Report & Abstract, 2000. or
10. Regulation on Advertisement & Disclosure, 2000. ii. Issue of capital.
11. Meeting Regulation, 2000. 2. Any other manner of issue of capital other than as speci-
12. General and Life Re-insurance Regulation, 2000.
13. Regulation on Preparation of Financial Statement &
Auditors Report of Insurance Companies, 2000.
14. Regulation on TPA Health Services, 2001.
15. Regulation on Reinsurance (RI) Advisory Committee,
2001.
16. Regulation on Licencing and Requirement of Profes-
sional Qualification of Surveyor and Loss Accessor 2000.
17. Regulation on Manner of Premium Receipt, 2002.
18. Regulation on Protection of Policy Holder's Interest,
2002.
19. Major Amendment on Licencing of Insurance Agent,
2002.
20. Regulation on Licencing of Corporate Agent, 2002.
21. Regulation on Distribution of Surplus, 2002.
22. Regulation Relating to Qualification of Actuary, 2004.
23. Regulation on Micro Insurance, 2005, etc.
20 The Insurance Times, July 2016
