Introduction
On 13 October 2022, the Insurance Regulatory and Development Authority of India (“IRDAI”) released an exposure draft on the IRDAI (Registration of Indian Insurance Companies) Regulations 2022 (“Draft Regulations”). The Draft Regulations follow from the recent increase in the permissible limit of foreign direct investment in Insurance Companies and other related changes to the insurance regulatory framework in India, and also propose several amendments to the existing IRDAI (Registration of Indian Insurance Companies) Regulations 2000 (“Registration Regulations”).
Proposed Amendments in the Draft Regulations
The Draft Regulations propose to bring about several changes to the existing requirements and procedures for registration of an Insurance Company in India. Some of the key changes proposed are as follows:
