The Insurance Regulatory and Development Authority of India in its circular dated 5th June 2020 has mandated the insurers to obtain legal entity identifier (LEI) on or before 31st July, 2020.
The insurers shall advise their existing corporate borrowers having total exposures of Rs. 50 crore and above, and have not obtained LEI till now, to obtain LEI and to provide the LEI information on or before 30th June, 2020.
Further, the borrowers who do not obtain LEI, shall not be granted renewal/enhancement of credit facilities by the insurers and no new loan proposals shall be sanctioned by the insurers without LEI information.
The insurers shall capture the LEI code of corporate borrowers in their records and specify the same while reporting the transactions executed with such corporate borrowers.
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