The Insurance Regulatory and Development Authority of India vide its notification dated 16th February 2022 has issued clarification of holding more than one certificate of registration to one group under IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015.
As per section 2(9) (d) of Insurance Act, 1938 insurer” means a foreign company engaged in re-insurance business through a branch established in India.
Explanation. — The expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd’s established under the Lloyd’s Act, 1871 .
Accordingly, it is clarified that where the ‘applicant’ as defined under Regulation 2(b) of the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 falls within a group, no other entity of that group shall be eligible to apply for Certificate of Registration to act as Foreign Reinsurance Branch in India.
