{"id":251190,"date":"2021-07-13T15:30:07","date_gmt":"2021-07-13T10:00:07","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=251190"},"modified":"2021-07-13T12:54:06","modified_gmt":"2021-07-13T07:24:06","slug":"insurance-regulatory-and-development-authority-of-india-indian-insurance-companies-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/13\/insurance-regulatory-and-development-authority-of-india-indian-insurance-companies-amendment-regulations-2021\/","title":{"rendered":"Mandatory compliances introduced for registration of an Indian Insurance Company having foreign investment"},"content":{"rendered":"<p style=\"text-align: justify;\">The Insurance Regulatory and Development Authority of India (IRDAI) has passed Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021 on July 07, 2021, by amending the corresponding regulations which are mentioned herein:<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><u>Amendment to Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000<\/u><\/strong><\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>Regulation 5A, which specifies Requirement of Resident Indian citizenship for Directors, Key Management Persons, etc. has been Inserted, namely:\n<ol>\n<li>an Indian Insurance Company having foreign investment, \u2014<\/li>\n<\/ol>\n<\/li>\n<li>majority of its directors,<\/li>\n<li>a majority of its Key Management Persons, and<\/li>\n<li>at least one among the chairperson of its Board, its managing director and its Chief Executive Officer, shall be Resident Indian Citizens.<\/li>\n<li>Regulation 5B, which specifies Requirements for foreign investment exceeding forty-nine percent has been Inserted, namely:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">In an Indian Insurance Company having foreign investment exceeding 49%.<\/p>\n<ol style=\"text-align: justify;\">\n<li>for a financial year for which dividend is paid on equity shares and for which at any time solvency margin is less than 1.2 times the control level of solvency, not less than fifty percent of net profit for the financial year shall be retained in general reserve; and<\/li>\n<li>not less than 50% of its directors will be independent directors, unless the chairperson of its Board is an independent director, in which case at least one-third of its Board shall comprise of independent directors.\u201d.<\/li>\n<li>Regulation 10(2) (f)&amp;(g), which specifies application for registration have been omitted.<\/li>\n<li>Regulation 29, which specifies Registration of existing insurers has been omitted.<\/li>\n<li>Regulation 30, which specifies transitory Provisions has been omitted.<\/li>\n<li>Regulation 31A, has been Inserted namely:<\/li>\n<li>Every Indian Insurance Company having foreign investment, existing on or before the date of commencement of the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021, shall within one year from the commencement of the rules, comply with the requirements of the provisions of regulation 5A of these regulations.<\/li>\n<li>An undertaking confirming compliance with provisions of Regulation 5A shall be filed by the Indian Insurance Company duly signed by the Chief Executive Officer and Chief Compliance Officer within 45 days from the date of the meeting of the Board of Directors, whereat such compliance has been confirmed.<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li>Every undertaking shall be accompanied by:<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>A certified copy of resolution passed by the Board of Directors confirming the compliance of sub-regulation (1);<\/li>\n<li>where applicable, certified copy of the agreement \/ Joint venture Agreement where amendments to the agreement \/ joint venture agreement have been carried out to give effect to the provisions of these regulations.<\/li>\n<li>An existing Indian Insurance Company with foreign investment exceeding 49 percent shall ensure compliance with regulation 5B of these regulations.<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li><strong><u>Amendment to Insurance Regulatory and Development Authority of India (Transfer of Equity Shares of Insurance Companies) Regulations, 2015<\/u><\/strong><\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>In Form B, row 16, has been substituted, namely:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\u201cWhere the Indian Insurance Company has Foreign investment, status of compliance of regulation 5A of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000. (please attach a brief note on the same)\u201d.<\/p>\n<ol style=\"text-align: justify;\" start=\"2\">\n<li>In Form B, row 17, has been substituted, namely:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\u201cWhere the Foreign investment in an Indian Insurance Company exceeds or shall exceed 49 percent, status of compliance of regulation 5B of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000. (please attach a brief note on the same)\u201d.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><u>Amendment to Insurance Regulatory and Development Authority of India (Issuance of Capital by Indian Insurance Companies Transacting Life Insurance Business) Regulations, 2015\u00a0<\/u><\/strong><\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>Regulation 5(2)(vi), which specifies Consideration of application has been substituted, namely:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\u201cCompliance with the Indian Insurance Companies (Foreign Investment) Rules, 2015 and any guidelines issued by the Authority in this regard;\u201d<\/p>\n<ol style=\"text-align: justify;\" start=\"2\">\n<li>Regulation 7(b), which specifies circumstances of non-approval from authority, has been substituted, namely:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\u201cConsequent upon the dilution of shareholding by the promoter(s) and \/ or Investor (s) or issue of fresh capital, the applicant company shall not be compliant to the Regulation 5A and \/ or 5B of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000\u201d.<\/p>\n<ol style=\"text-align: justify;\" start=\"3\">\n<li>In Form A which specifies Application for approval in terms of IRDAI, Para13 has been substituted namely:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\u201cConfirmation of compliance with Indian Insurance Companies (Foreign Investment) Rules, 2015:<\/p>\n<p style=\"text-align: justify;\">M\/s &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. hereby confirms that it is compliant with the requirements of Section 2 (7A) (b) of the Act read with Indian Insurance Companies (Foreign Investment) Rules, 2015 and Regulations and any guideline issued by the Authority and shall continue to be compliant after the issue of capital in accordance with this application.\u201d.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><u>Amendment to Insurance Regulatory and Development Authority of India (Issuance of Capital by Indian Insurance Companies Transacting other than Life Insurance Business) Regulations, 2015\u00a0<\/u><\/strong><\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>Regulation 5(2)(vi), which specifies consideration of application, has been substituted, namely:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\u201cCompliance with the Indian Insurance Companies (Foreign Investment) Rules, 2015 and any guidelines issued by the Authority in this regard;\u201d.<\/p>\n<ol style=\"text-align: justify;\" start=\"2\">\n<li>Regulation 7(b), which specifies circumstances of non-approval from authority, has been substituted, namely:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\u201cConsequent upon the dilution of shareholding by the promoter(s) and \/ or Investor (s) or issue of fresh capital, the applicant company shall not be compliant to the Regulation 5A and \/ or 5B of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000.\u201d.<\/p>\n<ol style=\"text-align: justify;\" start=\"3\">\n<li>In Form A, which specifies Application for approval in terms of IRDAI, Para 13 has been substituted, namely:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\u201cConfirmation of compliance with Indian Insurance Companies (Foreign Investment) Rules, 2015: M\/s &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. hereby confirms that it is compliant with the requirements of Section 2 (7A) (b) of the Act read with Indian Insurance Companies (Foreign Investment) Rules, 2015 and Regulations and any guideline issued by the Authority and shall continue to be compliant after the issue of capital in accordance with this application.\u201d.<\/p>\n<hr \/>\n<p><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insurance Regulatory and Development Authority of India (IRDAI) has passed Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) <\/p>\n","protected":false},"author":121,"featured_media":213447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-251190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mandatory compliances introduced for registration of an Indian Insurance Company having foreign investment | SCC Times<\/title>\n<meta name=\"robots\" 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The Amendment makes the following rules further to amend the Indian Insurance Companies (Foreign Investment) Rules, 2015 : As per the Rules, the word \u201cResident Indian Citizen\u201d shall have the meaning assigned to\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":251364,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/16\/pension-fund-regulatory-and-development-authority-pension-fund-sixth-amendment-regulations-2021\/","url_meta":{"origin":251190,"position":1},"title":"Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations, 2021","author":"Bhumika Indulia","date":"July 16, 2021","format":false,"excerpt":"The Pension Fund Regulatory and Development Authority makes the Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations, 2021 to amend the Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015 namely, In regulation 8 relating to Eligibility Criteria, in clause (g), the words \u201cforty nine per\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":371369,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/31\/indian-insurance-companies-foreign-investment-amendment-rules-2025-explained\/","url_meta":{"origin":251190,"position":2},"title":"Foreign Investment in Indian Insurance: What Changed Under the Indian Insurance Companies (Foreign Investment) Amendment 2025 Rules?","author":"Shubhi","date":"December 31, 2025","format":false,"excerpt":"Finance Ministry has notified Indian Insurance Companies (Foreign Investment) Amendment Rules, 2025, aligning FDI norms with modern frameworks to enhance clarity, flexibility, and governance.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Indian Insurance Companies (Foreign Investment) Amendment Rules","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":324757,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/06\/20\/cyril-amarchand-mangaldas-advises-zurich-insurance-company-ltd-on-acquisition-of-70-stake-in-kotak-mahindra-general-insurance\/","url_meta":{"origin":251190,"position":3},"title":"Cyril Amarchand Mangaldas advises Zurich Insurance Company Ltd. on acquisition of 70% stake in Kotak Mahindra General Insurance","author":"Bhumika Indulia","date":"June 20, 2024","format":false,"excerpt":"Cyril Amarchand Mangaldas acted as a legal counsel to Zurich Insurance Company Ltd on its acquisition of a 70% stake in Kotak Mahindra General Insurance Company Limited (KGI), comprising of subscription of equity shares issued by KGI and acquisition of equity shares from Kotak Mahindra Bank Limited (KMBL). The transaction\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Cyril Amarchand Mangaldas","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7164,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/03\/18\/insurance-laws-amendment-bill-2015\/","url_meta":{"origin":251190,"position":4},"title":"Insurance Laws (Amendment) Bill, 2015","author":"Sucheta","date":"March 18, 2015","format":false,"excerpt":"The Insurance Laws (Amendment) Bill, 2015 was passed by the Parliament on 12.03.2015. Earlier, the Bill was passed by Lok Sabha on 04.03.2015. The objective of the Bill is to remove archaic and redundant provisions in the legislations and incorporate certain provisions to provide\u00a0Insurance Regulatory and Development Authority of India\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":256051,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/25\/international-financial-services-centres-authority-registration-of-insurance-business-regulations-2021\/","url_meta":{"origin":251190,"position":5},"title":"IFSCA (Registration of Insurance Business) Regulations, 2021","author":"Bhumika Indulia","date":"October 25, 2021","format":false,"excerpt":"On October 18, 2021, the International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021. \u00a0 Objective: The objective is to put in place the process of registration and operations of insurer and Reinsurer in an International Financial Services Centre\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/251190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=251190"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/251190\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/213447"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=251190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=251190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=251190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}