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ARTICLE · 30 JUNE 2016

Insurance Newsletter – April 2015

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The Insurance Laws (Amendment) Act, 2015, an Act to amend, inter alia, the (Indian) Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 has been notified and published in the official gazette.

IndiaInsurance
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REGULATORY UPDATES

THE INSURANCE LAWS (AMENDMENT) ACT, 2015 IN FORCE

The Insurance Laws (Amendment) Act, 2015, an Act to amend, inter alia, the (Indian) Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 has been notified and published in the official gazette. Accordingly, the amendments are in force.

EXPOSURE DRAFT ON REGULATIONS FOR REGISTRATION AND OPERATIONS OF BRANCH OFFICES OF FOREIGN REINSURERS (EXCLUDING LLOYD'S)

Pursuant to the Insurance Laws (Amendment) Act, 2015, foreign reinsurers are permitted to undertake reinsurance business in India through branch offices set up in India. Accordingly, the Insurance Regulatory and Development Authority of India (IRDAI) has, by way of a circular dated 7 April, 2015, issued an Exposure Draft of the regulations for Registration and Operations of Branch Offices of Foreign Reinsurers (excluding Lloyd's) (Draft BO Regulations) inviting stakeholders' comments by 30 April, 2015.

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