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ARTICLE · 20 OCTOBER 2015

IRDA Issues Guidelines On "Indian Owned And Controlled"

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On 19 October 2015, the Insurance Regulatory and Development Authority of India (IRDA) published guidelines on ‘Indian owned and controlled' (Control Guidelines).

IndiaInsurance
Anuj Sah
Anuj Sah
Rohan Singh
Rohan Singh
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On 19 October 2015, the Insurance Regulatory and Development Authority of India (IRDA) published guidelines on 'Indian owned and controlled' (Control Guidelines).

Applicability

The Control Guidelines have come into effect on 19 October 2015 (Effective Date) and require compliance by existing Indian insurance companies (IICs) within 3 months from the Effective Date. IICs which come into existence after the Effective Date are required to comply with the Control Guidelines before grant of registration by the IRDA.

The Control Guidelines apply to IICs which (i) 'may come into existence after notification of the Act'; (ii) 'may propose to hike their foreign investment from the existing level'; and (iii) 'do not intend to increase their current foreign stake from the existing level'. Further, the Control Guidelines are applicable not only to IICs, but also to 'insurance intermediaries' as defined under the Insurance Regulatory and Development Authority Act, 1999 (eg.

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