This document is a notification from the Insurance Regulatory and Development Authority of India (IRDAI) regarding the eighth amendment to the "Registration of Indian Insurance Companies" regulations. The notification, F. No. IRDAI/Reg/2013-2016, was issued in Hyderabad on July 25, 2016, and published in the Gazette of India on August 1, 2016.
The amendment, enacted under Section 114A of the Insurance Act, 1938, and sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, adds a proviso to Regulation 11(1). This proviso states that clause (ii) of Regulation 11(1) will not apply to Indian promoters or investors of listed Indian insurance companies if those promoters or investors are regulated by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), or the National Housing Bank (NHB).
T. S. Vijayan, Chairman of IRDAI, approved the notification.
Key Entities Referenced
Insurance Regulatory and Development Authority of India: The regulatory body responsible for overseeing and regulating the insurance industry in India.
Hyderabad, Telangana: The location where the notification was issued.
Insurance Act, 1938: A key piece of legislation governing the insurance sector in India. Section 114A is specifically mentioned, indicating its relevance to the regulations.
Insurance Regulatory and Development Authority Act, 1999: The act that established the Insurance Regulatory and Development Authority of India.
Insurance Regulatory and Development Authority of India Registration of Indian Insurance Companies Eighth Amendment Regulations, 2016: The title of the specific regulations being issued.
Insurance Advisory Committee: A committee consulted by the Insurance Regulatory and Development Authority of India in making these regulations.
Reserve Bank of India: A regulatory body that may regulate Indian promoters or investors of listed Indian insurance companies.
Securities and Exchange Board of India: A regulatory body that may regulate Indian promoters or investors of listed Indian insurance companies.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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No. 309] NEW DELHI, MONDAY, AUGUST 1, 2016/SRAVANA 10 , 1938
भारतीय बीमा िविनयामक और िवकास (cid:7079)ािधकरण
अिधसचू ना
हदै राबाद, 25 जुलाई, 2016
भारतीय बीमा िविनयामक और िवकास (cid:7079)ािधकरण
(भारतीय बीमा कंपिनय(cid:7298) का पजं ीकरण) (आठवा ँसशं ोधन) िविनयम, 2016
फा. स.ं भा.बी.िव.िव.(cid:7079)ा./िविनयम/20/132/2016.—बीमा िविनयामक और िवकास (cid:7079)ािधकरण
अिधिनयम, 1999 (1999 का 41) क(cid:7409) धारा(cid:7312) 14 और 26 के साथ प(cid:7407)ठत बीमा अिधिनयम, 1938 (1938 का 4)
क(cid:7409) धारा 114A (cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करत े (cid:7263)ए, (cid:7079)ािधकरण बीमा सलाहकार सिमित के साथ परामश(cid:6981)
करन ेके बाद, इसके (cid:7367)ारा िन(cid:7388)िलिखत िविनयम बनाता ह,ै अथा(cid:6981)त ्
1.(cid:32) सिं (cid:6979)(cid:7385) नाम और (cid:7079)ारंभ
(1)(cid:32) ये िविनयम भारतीय बीमा िविनयामक और िवकास (cid:7079)ािधकरण (भारतीय बीमा कंपिनय(cid:7298) का
पंजीकरण)(आठवाँ संशोधन) िविनयम, 2016 के नाम स ेजाने जाएगँ े।
(2)(cid:32) ये िविनयम सरकारी राजप(cid:7074) म(cid:7286) इनके (cid:7079)काशन क(cid:7409) तारीख को (cid:7079)वृ(cid:7275) ह(cid:7298)गे।
2.(cid:32) िविनयम 11(1) के बाद िन(cid:7388)िलिखत परंतकु शािमल (cid:7408)कया जाएगा, अथात(cid:6981) ्
"आग ेयह भी शत(cid:6981) होगी (cid:7408)क खंड (ii) (cid:7408)कसी सूचीब(cid:7373) भारतीय बीमा कंपनी के (cid:7408)कसी भारतीय (cid:7079)वत(cid:6981)क अथवा
भारतीय िनवेशक के िलए लाग ूनह(cid:7277) होगा जहाँ ऐसा भारतीय (cid:7079)वत(cid:6981)क और / या भारतीय िनवेशक भारतीय
(cid:7407)रज़व(cid:6981) ब(cid:7289)क, भारतीय (cid:7079)ितभूित और िविनमय बोड(cid:6981) और / या रा(cid:7398)ीय आवास ब(cid:7289)क (cid:7367)ारा िविनयिमत ह(cid:7298)।"
टी. एस. िवजयन, अ(cid:7007)य(cid:6979)
[िव(cid:6980)ापन.III/4/असाधारण/191(161)]
3804 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, the 25th July, 2016
Insurance Regulatory and Development Authority of India (Registration of Indian Insurance Companies) (Eighth
Amendment) Regulations, 2016
F. No. IRDAI/Reg/20/132/2016.—In exercise of the powers conferred by Section 114A of the Insurance Act, 1938
(4 of 1938) read with sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999),
the Authority in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely
1. Short title and commencement
(1) These regulations may be called the Insurance Regulatory and Development Authority of India (Registration of
Indian Insurance Companies) (Eighth Amendment), Regulations, 2016
(2) They shall come into force on the date of their publications in the Official Gazette.
2.(cid:32) After Regulation 11 (1), the following proviso is inserted, namely
“Provided further that the clause (ii) shall not be applicable to any Indian promoter or Indian investor of a listed
Indian insurance company where such Indian promoter and /or Indian investor are regulated by Reserve Bank of
India, Securities and Exchange Board of India and /or National Housing Bank.”
T. S. VIJAYAN, Chairman
[ADVT. III /4/Exty/191(161)]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.