Page 51 - Insurance Times March 2022

Circular

IRDAI Circular

Review of Articles of Association (AOA) of The Committee shall submit its Report within 30 days from
the receipt of this Order.
Indian Institute of Insurance Surveyors and
Loss Assessors (IIISLA) T.L.Alamelu
Member (Non-Life)
IRDAI/SUR/ORD/MISC/25/02/2022
Holding more than one Certificate of
Date:15-02-2022
Registration to one group – IRDAI
The Authority had constituted Surveyors and Loss Assessors (Registration and Operations of Branch
Committee vide Order No. IRDA/SURV/ORDER/MISC/100/ Offices of Foreign Reinsurers other than
04/2020 dated 24/04/2020. This committee is constituted as
per Regulations 10 of IRDAI (Insurance Surveyors & Loss Lloyd’s) Regulations, 2015
Assessors) Regulations, 2015. IRDAI/F&A/CIR/MISC/26/2/2022
As per Regulations 11(1)(f) of IRDAI (Insurance Surveyors and February 16, 2022
Loss Assessors) Regulations, 2015, one of the functions of
the Committee is to discharge any other function entrusted 1. Clause (d) of sub section (9) of Section 2 of Insurance
Act, 1938 provides that a “foreign company” engaged
by the Authority from time to time. Accordingly, the
committee is entrusted to review AOA of IIISLA. The in reinsurance business can transact the business of
reinsurance through a branch in India.
detailed terms of reference are as follows:
(a) Review AOA of IIIISLA and suggest changes taking into 2. Accordingly, it is clarified that where the ‘applicant’ as
account complying with the provisions of Companies Act, defined under Regulation 2(b) of the IRDAI
2013 and other Rules/Regulations in this regard. (Registration and Operations of Branch Offices of
Foreign Reinsurers other than Lloyd’s) Regulations, 2015
(b) Reviewing RPCEC and propose changes including
falls within a group, no other entity of that group shall
whether its provisions can be subsumed in AOA itself. be eligible to apply for Certificate of Registration to act
(c) Suggestions for improvement in internal functioning of as Foreign Reinsurance Branch in India.
IIISLA related to enquiry into misconduct of members, 3. This Circular is issued in accordance with the powers
rules for admission of members, time frame for giving conferred under sub section (1) of section 14 of Insurance
IIISLA membership. Regulatory and Development Authority Act, 1999.
(d) Any other matter with the permission of the Chair. 4. The above instruction comes into force from the date
Shri. Pankaj Kumar Tewari, GM (Intermediaries), IRDAI shall of this Circular.
be invitee to the Surveyors & Loss Assessors Committee for S N Rajeswari
this activity. (Member-Distribution & I/C of Finance)

The Insurance Times, March 2022 51