The Insurance Regulatory and Development Authority of India (IRDAI) on May 15, 2024, notified the Master Circular on Registration, Capital Structure, Transfer of Shares, and Amalgamation of Insurers, 2024.
The following has been stated: -
•The Authority issued this Master Circular to specify various forms as referred to in the Registration Regulations, 2024, and to provide clarifications on various provisions of the Registration Regulations, 2024.
•This Master Circular shall apply to all Insurers (excluding Foreign Reinsurer’s Branches) and applicants seeking registration to carry on the insurance business.
•The application for issuance of a No-Objection Certificate (NOC), as referred to in Regulation 6(1)(b) of Registration Regulations, 2024 shall be filed online at the IRDAI website.
•The application for issuance of Form IRDAI/R1, as referred to in Regulation 6(1)(c) of Registration Regulations, 2024 shall be made on the letterhead of the applicant, duly signed by its authorized person, and shall be accompanied by the documents mentioned below.
This Master Circular shall come into force from May 15, 2024.
[Circular No. Ref: IRDAI/F&I/CIR/78/5/2024]
