THE IRDAI CLARIFIES THE ISSUE OF A SINGLE GROUP HAVING SEVERAL CERTIFICATES OF REGISTRATION BY FRBs

The Insurance Regulatory and Development Authority of India clarified the holding of multiple certificates of registration to one group (by Foreign Reinsurance Branch) under the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers Other Than Lloyd’s) Regulations, 2015.

They clarified in Clause (d) of sub-section (9) of Section 2 of Insurance Act, 1938 that, A foreign company means ‘a company engaging in reinsurance business through a branch established in India is defined as an insurer under section 2(9) (d) of the Insurance Act, 1938.’

Explanation: A “foreign company” is defined as a firm or organisation established or incorporated under the laws of any country other than India, including Lloyd’s, which was founded by the Lloyd’s Act of 1871.

As a result, it is clarified that if the ‘applicant’ as defined in Regulation 2(b) of the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers Other Than Lloyd’s) Regulations, 2015 is part of a group, no other entity in the group is eligible to apply for a Certificate of Registration to act as a Foreign Reinsurance Branch in India.

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