The Insurance Regulatory and Development Authority of India (IRDAI) on June 28, 2023, issued a circular regarding the Monitoring of Investments in the Alternative Investment Fund (AIF).
The Authority vide its circular IRDA/F&I/CIR/INV/172/08/2013 dated August 23, 2013, had permitted insurers for investments in Category I and II AIFS (within SEBI Regulations) as a part of "Other Investments".
It is hereby advised that the insurers shall adhere to the following rules with respect to investments in AIFs in order to carefully monitor the exposure of insurers to AIFs:
• The NAVS of AIFS should be declared on a quarterly basis.
• The rollover of investments in AIFS should be approved by the Board/Investment Committee.
• The insurers shall submit a quarterly return for investments in AIFs as per the format specified in Annexure-I within 15 days from the end of each quarter.
[Circular No. IRDAI/F&I/CIR/INV/139/06/2023]
