In exercise of the powers conferred by section 3 read with 114A of the Insurance Act, 1938, and section 14 read with 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee hereby makes the following regulations, namely:
1. Short title and commencement.-
(1) These regulations may be called the Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (Second Amendment) Regulations, 2016.
(2) They shall come into force on the date of their notification in the Official Gazette.
2. Regulation 16(c) – The following sentence may be deleted.
“The minimum assigned capital shall be invested in accordance with the IRDA (Investment) Regulations, 2000 as amended from time-to-time.”
3. Regulation 28(2) – Assigned Capital – The following sentence may be deleted.
“This amount shall be invested in accordance with the IRDA (Investment) Regulations, 2000 as amended from time to time.”
4. Regulation 28(5) – Outsourcing – The word “Investment” may be deleted.
5. Regulation 28(7) – Investment –
a. The word “investible” may be replaced by the word “investment”
b. The following paragraph may be deleted.
