Insurance and reinsurance—India—Q&A guide

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Insurance and reinsurance—India—Q&A guide
  • 1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.
  • 2. What are the requirements for formation and licensing of new insurance and reinsurance companies?
  • 3. What licences, authorisations or qualifications are required for insurance and reinsurance companies to conduct business?
  • 4. What are the minimum qualification requirements for officers and directors of insurance and reinsurance companies?
  • 5. What are the capital and surplus requirements for insurance and reinsurance companies?
  • 6. What are the requirements with respect to reserves maintained by insurance and reinsurance companies?
  • 7. What are the regulatory requirements with respect to insurance products offered for sale? Are some products regulated by multiple agencies?
  • 8. What are the frequency, types and scope of financial, market conduct or other periodic examinations of insurance and reinsurance companies?
  • 9. What are the rules on the kinds and amounts of investments that insurance and reinsurance companies may make?
  • More...

Insurance and reinsurance—India—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to insurance and reinsurance in India published as part of the Lexology Getting the Deal Through series by Law Business Research (published: August 2021).

Authors: Tuli & Co—Neeraj Tuli; Celia Jenkins

1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.

Insurance and reinsurance companies and insurance intermediaries in India are governed by the Insurance Regulatory and Development Authority of India (IRDAI). The primary legislation regulating the Indian insurance sector comprises the Insurance Act 1938 (the Insurance Act) and the Insurance Regulatory and Development Authority Act 1999 (the IRDA Act). Under the powers granted to it under the IRDA Act, the IRDAI has issued various regulations for governing the licensing and functioning of insurers, reinsurers and insurance intermediaries. The IRDAI has also released the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd's) Regulations 2015 (the Branch Office Regulations), which govern the establishment and functioning of branch offices in India set up by foreign reinsurers (foreign reinsurer branches), and has also notified regulations on the entry of Lloyd's into the Indian market.

Although the Insurance Laws (Amendment) Act 2015 and the Insurance (Amendment) Act 2021 (Amendment Act 2021) have resulted in many changes to the Insurance Act and the insurance regulatory framework in general, the primary insurance regulator continues to be

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