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Industry Specific - Insurance Central Insurance Regulatory Development Authority Insurance Act, 1938

Insurance Regulatory and Development Authority of India (Re-insurance) (Amendment) Regulations, 2023

22-Aug-2023 | F. No. IRDAI/ Reg/5/193/2023

Insurance Regulatory and Development Authority of India (IRDAI) has issued a notification concerning the issuance of the Insurance Regulatory and Development Authority of India (Re-insurance) (Amendment) Regulations, 2023. These amendments will come into effect from 22nd August 2023, modifying provisions within the following regulations:

a. Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018.
b. Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Re-insurers other than Lloyd?s) Regulations, 2015.
c. Insurance Regulatory and Development Authority of India (Lloyd?s India) Regulations, 2016.

Key highlights of the amendments are as follows:

Objective: The main objectives of these amendments are to harmonize the provisions applicable to Indian Insurers, Indian Re-insurers, Foreign Re-insurance Branches (FRBs), and IFSC Insurance Offices (IIOs). These changes aim to encourage more reinsurers to establish operations in India and enhance the ease of doing business.

Amendments to the Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018:

1. These Regulations shall be applicable to Insurers as defined under Section 2(9) of the Act, and exempted insurers as envisaged under Section 118(c) of the Act.
2. These Regulations shall be reviewed once every three years from the date of notification of the Insurance Regulatory and Development Authority of India (Re-insurance) (Amendment) Regulations, 2023, unless a review, repeal, or amendment is warranted earlier.

Maintenance of Records: The Indian insurers are required to maintain a record of the list of Re-insurers with their credit ratings, shares in the proportional and non-proportional Re-insurance arrangements, and each re-insurance contract. These records should be maintained as per the period specified in the relevant existing regulations.

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