Exposure Draft on Insurance Regulatory and Development Authority of India (Minimum Information for Inspection or Investigation) Regulations 2018
Ref: 40/IRDA/INSP/Min-Info-Reg/2017
Rule 39 of the Insurance Rules, 1939 prescribed certain minimum information to be maintained, the checks and other verifications to be adopted by the insurers.
The Government of India issued Insurance Laws (Amendment) Ordinance, 2014 which was later formalized as Insurance Laws (Amendment) Act, 2015 which amended certain provisions of the Insurance Act, 1938 and IRDA Act, 1999.
The Act empowered the Authority to issue regulations covering various areas and one such area is “Minimum Information to be Maintained by the Insurers and Intermediaries for the purpose of Inspection/Investigation by the Authority”.
As per the provisions of Section 33(7) of the Insurance Laws (Amendment) Act, 2015, “the Authority may by the regulations made by it specify the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications to be adopted by insurers or intermediary or insurance intermediary, as the case may be, in that connection and all other matters incidental thereto as are, in its opinion, necessary to enable the Investigating Officer to discharge satisfactorily his functions under this section”.
Considering Rule 39 of the Insurance Rules, 1939 and Section 33(7) of the Insurance Act, 1938 as amended in 2015, the draft regulation includes the requirements with respect to the minimum information to be maintained by the insurers, intermediaries and insurance intermediaries for the purpose of investigation/inspection by the Authority.
The stakeholders are requested to offer their comments/suggestions on the Exposure Draft by 27/01/2018 in the format attached. The comments/suggestions may be mailed to inspection@irda.gov.in.
Insurance Regulatory and Development Authority of India