Reference is drawn to IRDAI’s(Insurance Broker) Regulations, 2018 which came into force on 19^thJan 2018.

Following the notificationit was observed that the proviso under explanation in schedule II - Form Runder Regulation 20 (2) which was approved in the 98^th Authority’s meeting was missed out inadvertently.

Therefore under the powers given to Chairman, IRDAI under Regulation 59(3), the following provisio under explanation in Schedule II – Form R under Regulation 20(2) is hereby issued:

Provided the Chairman, IRDAI may relax the condition of the Indian promoter not being a subsidiary company as defined in the above section of the Companies Act, 2013 subject to merits and conditions, considering the interests of the policyholders and overall growth and development of the insurance sector.

P.J.Joseph

Member(NL)