Draft of Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024

The IRDAI has issued draft of Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024. Some of the salient features of the draft Regulations are as under: –

1. Unification of Common Provisions applicable for both Lloyd’s and other than Lloyd’s in a single set of regulations.
2. Provisions for merger and Acquisition of parent entities of FRB’s have been introduced.
3. Substantive provisions have been retained in the draft/ regulations. Master Circular will be issued by specifying other ancillary provisions and Forms/Annexures.

All the stakeholders are requested to forward their comments / suggestions, if any, on the proposed regulations (Annexure-A) in the attached format (Annexure- B) on or before 5:00 PM on 03 January, 2023 to actuarial-policy@irdai.gov.in with a copy to urmi.jain@irdai.gov.in and narendra@irdai.gov.in.