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

IRDAI issues Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024

30-Jul-2026 | F. No. IRDAI/Reg/9/223/2026

IRDAI has issued Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 Key highlights are as follows: 1. Regulation 3(1)(cc) which define Transacting entities’ has been substituted with 'for the purpose of Chapter VI, means entities involved in the amalgamation or transfer as per scheme filed with the Authority under section 35 of the Act' 2. Regulation 3(1)(dd) has also been substituted with Transferee insurer’ means: (i) For the purpose of Chapter VI, the resulting entity after completion of transfer or amalgamation and carrying on insurance business. (ii) For the purpose of Chapter VII, the insurer with whom the original insurer is amalgamated in accordance with the scheme of amalgamation. 3. In regulation 30 states 'No insurance business of an insurer shall be transferred to or amalgamated with the insurance business of any other insurer except in accordance with a scheme prepared under section 35 of the Act and approved by the Authority in the manner specified in this Chapter, after the words “No insurance business of an insurer”, the words “or non-insurance business, has been inserted. For more information, please refer the attached pdf.

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