The Insurance Regulatory and Development Authority (IRDAI) on October 17, 2022 has issued Guidelines on the Establishment and Closure of Liaison Office in India by an Insurance Company registered outside India. This has come into force on October 17, 2022.
The following has been stated namely: -
• The Guidelines describe what a Liaison Office is and what the eligibility norms are for opening a Liaison office
• The process of application and approval has been stated
• Certain conditions need to be fulfilled for getting the approval, these conditions are stated in the Guidelines
• The Guidelines also specify the Action which can be taken in case of default or non-compliance.
[Notification No. IRDAI/F&I/GDL/MISC/219/10/2022]
