Comments / suggestions of the stakeholders on DRAFT of the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers) Regulations, 2020;
1. The Authority had notified following regulations:
a. IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 (herein after referred as FRB regulations) and
b. IRDAI (Lloyd’s India) Regulations, 2016.
2. Background for revisiting above regulations:
a. Certain provisions of FRB Regulations got amended in year 2015, 2016 and 2018;
b. The Competent Authority had constituted a Committee to examine the issues related to Ease of Doing Business (EoDB) for the FRBs. The Committee has made recommendations on the matter. Upon examination certain recommendations are considered in revised draft regulations;
c. At present Branch Office of Foreign Re-insurer (FRB) and Lloyd’s India are governed on the basis of different regulations. It was observed that majority of operations related provisions applicable for FRBs are Lloyd’s India are same. Thus, it is proposed to consolidate and converge these regulations under single regulation as it will have consistency in approach and effective supervision and monitoring.
3. In view of the above, it was necessary to revisit the existing regulations by consolidating both the regulations. The draft of captioned regulations is attached.
4. Stakeholders are requested to give their comments / suggestions through e-mail to Mrs. C. Latha, DGM (Re-insurance) at firstname.lastname@example.org with a copy to email@example.com by 22nd January, 2021 in the format attached herewith.
Executive Director (Reinsurance)