IRDAI clarification regarding monitoring of investments in Alternative Investment Fund

Insurance Regulatory and Development Authority of India(IRDAI) vie notification dated 28th June, 2023 has issued clarification regarding monitoring of investments in Alternative Investment Fund (AIF). The IRDAI vide its circular dated 23rd August, 2013 permitted insurers to make investments in Category I and Il AlFs as a part of “Other Investments”. With a view to closely monitor the exposure of insurers to AIFs, it is hereby advised that the insurers shall adhere the following requirements with respect to investments in AlFs:

1. The Net Asset Values of AlFs should be declared on quarterly basis.
2. The rollover of investments in AIFs should be approved by the Board/lnvestment Committee.
3. The insurers shall submit a quarterly return for investments in AIFs as per the format specified in Annexure-I within 15 days from the end of each quarter.