Document Detail

Title: CIRCULAR
Reference No.: IRDA/RI/CIR/MISC/004/01/2019
Date: 07/01/2019
Applicability of Regulations/Guidelines/Circulars to registered reinsurance

CIRCULAR

 

Ref:IRDA/RI/CIR/MISC/004/01/2019 7thJanuary, 2019

 

To

 

CMDs/CEOsof Indian Reinsurers, Branches of Foreign Reinsurers (FRBs) & Lloyd’s Indiaand In-charges of IFSC Insurance Offices (IIOs) registered for carrying onreinsurance business.

 

Re:Applicability of Regulations/Guidelines/Circulars to registered reinsuranceentities.

 

TheReinsurance Expert Committee (REC), constituted by the Authority, had submittedits recommendations on the regulatory framework for reinsurance entities. Authorityhas also received representations from registered reinsurance entities and GICouncil to provide clarification on applicability of certain regulations /guidelines/circulars to Indian Reinsurers, FRBs and Lloyd’s India. Authority has reviewedthe representations and applicability of other relevantRegulations/Guidelines/Circulars.

 

Onthe basis of the review and recommendations of REC, it is clarified that thebelow mentioned Regulations/Guidelines/Circulars shall not be applicable toIndian Re-insurers, Branches of Foreign Re-insurers, Lloyd’s India, ServiceCos. of Lloyd’s India and IFSC Insurance Offices registered for carrying onreinsurance business.

 

Sl No.

Regulations/Guidelines/ Circulars

Reference No

Date of Issue

1

Guidelines on Product Filing Procedures for General Insurance Products.

IRDAI/NL/GDL/F&U/030/02/2016

18.02.2016

2

Guidelines on Product Filing in Health Insurance Business.

IRDA/HLT/REG/CIR/150/07/2016

29.07.2016

3

File and Use Procedure - Life Insurance Products.

IRDA/ACTL/FUP/VER 2.0

12.12.2001

4

IRDAI (Protection of Policyholders’ Interests) Regulations, 2017.

IRDAI/Reg/8/145/2017

22.06.2017

5

IRDAI (Maintenance of Insurance Records) Regulations, 2015.

 

IRDAI/Reg/10/100/2015

12.08.2015

6

IRDAI (Obligations of Insurer to Rural & Social Sector) Regulations, 2015.

IRDAI/Reg/13/103/2015

24.08.2015

7

Guidelines on Trade Credit Insurance.

IRDAI/NL/CIR/CRE/044/03/2016

10.03.2016

8

Circular on estimating Economic Capital of Life Insurers.

IRDA/ACT/CIR/LIF/049/03/2010

11.03.2010

 

Itis further clarified that the Circular on estimating EconomicCapital of Non-Life Insurers (including Stand Alone Health Insurers), Ref No- IRDA/ACT/CIR/MIS/111/05/2011, dated 25.05.2011 shall not be applicable to Branchesof Foreign Re-insurers, Lloyd’s India, Service Cos. of Lloyd’s India and IFSCInsurance Offices registered for carrying on reinsurance business.However, the said circular shall be applicable to the Indian Re-insurers.

 

Theabove clarification is issued under Regulations 14 of the IRDA Act and under Powerof Authority to issue clarifications in respective regulations/guidelines.

 

 

 

 

(P.J.Joseph)

Member(Non-Life)

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