Registration of Indian Insurance Companies Regulations 2022: A revamp of the old regime

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Introduction

On 13 October 2022, the Insurance Regulatory and Development Authority of India (“IRDAI”) had released an exposure draft on the IRDAI (Registration of Indian Insurance Companies) Regulations 2022 (“Draft Regulations”). Our article on the changes proposed to be introduced by the Draft Regulations is available here. Thereafter, following comments received from various stakeholders on the Draft Regulations, the IRDAI, on 8 December 2022, notified the IRDAI (Registration of Indian Insurance Companies) Regulations 2022 (“Registration Regulations”) which repeal the IRDAI (Registration of Indian Insurance Companies) Regulations 2000 and the IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations 2015.

Proposed Amendments…

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