This article co-authored by Karam Daulet-Singh, Managing Partner, Yashasvi Mohanram, Partner, and Associates Vaishnavi Sankar and Achint Jain, explores the recent regulatory
changes in the Indian insurance sector with specific focus on the
key implications from the perspective of financial and overseas
investors.
Background
The years 2021 and 2022 saw a series of changes in the
regulatory regime governing Indian insurance companies, several of
which were aimed at relaxing the investment restrictions in the
sector. The most recent of these changes were made in November and
December 2022, which included the notification by the Insurance
Regulatory and Development Authority of India
(IRDAI) of the IRDAI (Registration of
Indian Insurance Companies) Regulations, 2022 (the 2022
Registration Regulations) and the IRDAI (Other Forms
of Capital) Regulations, 2022 (the Other Capital
Regulations). In addition to these notifications, the
Ministry of Finance released certain
