Amendment To The IRDAI Insurance Brokers Regulations 2018

Introduction:

By way of an update, the IRDAI has notified the IRDAI (Insurance Brokers) (First Amendment) Regulations 2018 (First Amendment). The First Amendment amends Schedule II - Form R under R20 (2) of the IRDAI (Insurance Brokers) Regulations 2018 (Brokers' Regulations).

R20(2) of the Brokers' Regulations:

R20(2) of the Brokers' Regulations states that the manner of calculating the holding of equity shares by one or more foreign investors (in the applicant), shall be as per details prescribed in Schedule II – Form R of the Brokers' Regulations.

Schedule II - Form R of the Brokers' Regulations prescribes that the calculation of the equity share holding of the foreign investor(s) in the applicant shall be the aggregate of the foreign investor's equity share capital in the applicant and the proportion of paid up equity share capital held or controlled either by the foreign investor itself or through its subsidiary in an Indian promoter or Indian investor of