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ARTICLE · 17 MAY 2016

Regulatory Updates - Insurance Law Insights, Vol 1 | April 2016

Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co
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Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co

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Late last year, the IRDAI had released an exposure draft on regulations governing the establishment and operation of the proposed Indian branch of the Lloyd's of London.

IndiaInsurance
Shailaja Lall
Shailaja Lall
Ashish Teni
Ashish Teni
Shivangi Talwar
Shivangi Talwar
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Regulations on Lloyd's India

Late last year, the IRDAI had released an exposure draft on regulations governing the establishment and operation of the proposed Indian branch of the Lloyd's of London. On March 9, 2016, the IRDAI finally unveiled the IRDAI (Lloyd's India) Regulations, 2016, that will facilitate the entry of Lloyd's of London in the Indian insurance sector.

New Regulations on Third Party Administrators

On March 14, 2016, the IRDAI released the IRDAI (Third Party Administrators - Health Services) Regulations, 2016. These regulations are supplemented by the IRDAI's circular of March 28, 2016 which specifies certain regulatory norms, forms, formats, and check lists that are required to be provided to the IRDAI under the regulations. Third party administrators will now to be governed under this new framework which replaces the erstwhile IRDA (Third Party Administrators - Health Services) Regulations, 2001.

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