Insurance Regulatory and Development Authority of India (“IRDAI”) has invited comments / objections on an exposure draft of the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers) Regulations, 2020 (“Regulations”).
Stakeholders are requested to provide their comments / suggestions through e-mail to Mrs. C. Latha, DGM (Re-insurance) at c.latha@irdai.gov.in with a copy to reinsurance@irdai.gov.in by 22nd January, 2021 in the following format –
| Page No. of Draft Regu. | Reg. No. | Sub-Regu No. /Para No. | Comments / Suggestions | Rationale |
Background:
• IRDAI constituted a committee to examine the issues related to Ease of Doing Business (EoDB) for Foreign Re-insurers Branches (“FRBs)”. The Committee made recommendations on the matter which have been considered in the proposed Regulation;
• Presently, Branch Office of Foreign Re-insurer (FRB) and Lloyd’s India are governed on the basis of different regulations. It was observed that majority of operations related provisions applicable for FRBs are Lloyd’s India are same. Therefore, it was proposed to consolidate and converge these regulations under a single Regulation, for the sake of consistency in approach and effective supervision and monitoring.
For a detailed read, please refer to the attached Regulations.
Source: Insurance Regulatory and Development Authority of India
