IRDAI provide exemptions to Foreign Reinsurers Branches

The Insurance Regulatory and Development Authority of India vide circular dated 12-05-2022 has provided following exemptions to Foreign Reinsurers Branches:

1. The entities, whose investment policy does not permit the investment in equity are exempted from the application of Common Stewardship Code, disclosure requirements and returns. The Public Disclosure may, accordingly, be shown as ‘Not Applicable’.
2. The entities, whose investment policy allows equity investment but have not made any investment in equity – the Code is applicable. However, a NIL return will be a sufficient compliance for the same.