The Insurance Regulatory and Development Authority of India (IRDAI) on February 02, 2024, issued the Exposure Draft of IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Indian Insurance Companies) Regulations, 2024
The following has been stated namely: -
•It states that this aims to enhance the ease of doing business and also reduce the compliance burden for stakeholders while also ensuring that the interests of policyholders continue to be protected
• The following are some of the major changes proposed in the said draft namely:-
(i) Removal of the requirement of prior approval of the IRDAI for listing of shares of insurers on stock exchanges subject to compliance with specified conditions.
(ii) Enabling Provision for relaxation of lock-in period in case the insurer or the shareholder is in financial distress or to facilitate amalgamation of insurers or shareholders.
(iii) Provide more clarity on the capital structure of the applicants seeking new Registration.
(iv)Provide more clarity on the applicability of the requirement of prior- approval for the transfer of shares.
• The exposure draft of the IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Indian Insurance Companies) Regulations, 2024 is enclosed herewith as Annexure
Comments of the stakeholders and the general public are invited to the exposure draft. The comments/suggestions, if any, may be sent on or before February 23, 2024, to Mr. Nirmal Jain at [email protected] with a copy to Mr. Mahesh Agarwal at [email protected] in the format as per Annexure B.
kindly refer to the document to view the Annexures
