Taxpublishers.in - Tax Publishers Your Tax Solution Hub

SUBSCRIBE FOR FULL CONTENT


The Tax Publishers Insurance Act, 1938--Notification Notification F.No. IRDAI/REG/6/200/2024, dtd. 20-3-2024 Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 In exercise of the powers conferred by section 3, section 3A, section 6A, section 35, sub-section (4A) of section 37A and section 114A of the Insurance Act, 1938 and section 14 and section 26 of the Insurance Regulatory and Development Authority Act 1999, the Authority, in consultation with Insurance Advisory Committee, hereby makes the following Regulations, namely:-- Chapter I *Preliminary* 1. Short Title and Commencement (1) Short Title: These regulations may be called the Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024. (2) Commencement: These regulations shall come into force on the date of their publication in the Official Gazette. (3) These regulations shall be reviewed once in every 3 (three) years from the date of publication unless a review, repeal or amendment is warranted earlier. 2. Objective To promote growth of insurance sector by simplifying the process of registration of insurer, transfer of shareholding, other forms of capital, amalgamation of insurers, listing of shares of insurers on stock exchange and to promote ease of doing business. 3. Definitions (1) In these regulations, unless the context otherwise requires, - (a) "Act" means the Insurance Act, 1938 (4 of 1938); (b) "Applicant" means a company as defined in sub-section (20) of section 2 of the Companies Act, 2013 (18 of 2013) or a statutory body established by an Act of Parliament or co-operative society, who applies to the Authority seeking registration to carry on insurance business. (c) "Appointed Date" means (i) For the purpose of Chapter VI, the date specified in the scheme as appointed date. (ii) For the purpose of Chapter VII, the date mentioned in the scheme of amalgamation, notified by the Central Government in the official gazette in terms of sub section (4) of section 37A of the Act, on which the provisions of the Scheme of amalgamation shall come into force; (d) "Assets", for the purpose of Chapter VII, includes all assets including the properties of the original insurer which shall, in terms of the Scheme, be taken over by the transferee insurer; (e) "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999); (f) "Compensation", for the purpose of Chapter VII, means the amount assessed by the Authority in accordance with these regulations and payable either in cash or in kind to the shareholders or members whose interests in, or rights against, the transferee insurer resulting from amalgamation are less than his interest in, or rights against the original insurer; (g) "Competent Authority" means (i) Chairperson, or (ii) such whole-time member or such committee of the whole-time members or such officer(s) of the Authority, as may be determined by the Chairperson. (h) "Encumbrance" shall include - SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Insurance Act, 1938--Notification

Notification F.No. IRDAI/REG/6/200/2024, dtd. 20-3-2024

Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024

In exercise of the powers conferred by section 3, section 3A, section 6A, section 35, sub-section (4A) of section 37A and section 114A of the Insurance Act, 1938 and section 14 and section 26 of the Insurance Regulatory and Development Authority Act 1999, the Authority, in consultation with Insurance Advisory Committee, hereby makes the following Regulations, namely:--

Chapter I

Preliminary

1. Short Title and Commencement

(1) Short Title: These regulations may be called the Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024.

(2) Commencement: These regulations shall come into force on the date of their publication in the Official Gazette.

(3) These regulations shall be reviewed once in every 3 (three) years from the date of publication unless a review, repeal or amendment is warranted earlier.

2. Objective

To promote growth of insurance sector by simplifying the process of registration of insurer, transfer of shareholding, other forms of capital, amalgamation of insurers, listing of shares of insurers on stock exchange and to promote ease of doing business.

3. Definitions

(1) In these regulations, unless the context otherwise requires, -

(a) "Act" means the Insurance Act, 1938 (4 of 1938);

(b) "Applicant" means a company as defined in sub-section (20) of section 2 of the Companies Act, 2013 (18 of 2013) or a statutory body established by an Act of Parliament or co-operative society, who applies to the Authority seeking registration to carry on insurance business.

(i) For the purpose of Chapter VI, the date specified in the scheme as appointed date.

(ii) For the purpose of Chapter VII, the date mentioned in the scheme of amalgamation, notified by the Central Government in the official gazette in terms of sub section (4) of section 37A of the Act, on which the provisions of the Scheme of amalgamation shall come into force;

(d) "Assets", for the purpose of Chapter VII, includes all assets including the properties of the original insurer which shall, in terms of the Scheme, be taken over by the transferee insurer;

(e) "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

(f) "Compensation", for the purpose of Chapter VII, means the amount assessed by the Authority in accordance with these regulations and payable either in cash or in kind to the shareholders or members whose interests in, or rights against, the transferee insurer resulting from amalgamation are less than his interest in, or rights against the original insurer;

(g) "Competent Authority" means

(i) Chairperson, or

(ii) such whole-time member or such committee of the whole-time members or such officer(s) of the Authority, as may be determined by the Chairperson.

(h) "Encumbrance" shall include -