The Insurance Regulatory and Development Authority of India, (IRDAI), on May 31, 2024, notified Master Circular on Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024 And Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018.
The Authority has notified the Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024, and IRDAI (Reinsurance) Regulations, 2018, intending to strengthen and harmonize the regulatory framework for reinsurance operations. In exercise of the powers conferred by Section 14 of the IRDA Act, 1999, Section 34 of the Insurance Act, 1938, Regulation 33 of the IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024, and Regulation 12 of the IRDAI (Reinsurance) Regulations, 2018, the Authority hereby issues this Master Circular. This circular specifies various requirements and forms and provides directions and guidelines on the provisions of the aforementioned regulations.
This Master Circular applies to all Insurers, Reinsurers, Foreign Reinsurers Branches and Lloyd’s India.
This Master circular shall come into force from the date of its issuance.
