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ARTICLE · 17 MAY 2016

Registration Regulations Revamped

Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co
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Interestingly, the Amendment Regulations also seek certified copies of the approval given by FIPB from applicants.

IndiaInsurance
Shailaja Lall
Shailaja Lall
Ashish Teni
Ashish Teni
Shivangi Talwar
Shivangi Talwar
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 In this article, we have examined the changes introduced by the IRDAI pursuant to the IRDAI (Registration of Indian Insurance Companies) (Seventh Amendment) Regulations, 2016 issued on April 1, 2016. Significantly, the IRDAI has clarified the manner of computation of foreign investment and introduced a provision disqualifying promotors and investors that have exited an insurance joint venture in the last two financial years from applying for a registration of a new insurance company.

When the insurance sector was opened up to 49% in terms of the Amendment Act, it was felt that there were several changes required to the existing foreign investment and insurance laws to reflect the changed position.

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