IRDAI-Guidelines for Listed Indian Insurance Companies, 2016

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Guidelines for Listed Indian Insurance Companies, 2016

The Authority, in exercise of the powers conferred by Section 14 of Insurance Regulatory and Development Authority of India Act, 1999, read with clause (b) of subsection (4) of Section 6A of the Insurance Act, 1938, hereby, issues the following guidelines.

1. Applicability
i. These Guidelines shall be in addition to, and not in derogation of, any other law for the time being in force, including the IRDAI (Issuance of Capital by Indian Insurance Companies transacting Life Insurance Business) Regulations, 2015 and IRDAI (Issuance of Capital by Indian Insurance Companies transacting other than Life Insurance Business) Regulations, 2015.
ii. These Guidelines shall be called the Guidelines for Listed Indian Insurance Companies.
iii. These Guidelines shall be applicable to all insurers who have listed their equity shares or are in the process of getting their shares listed on the stock exchanges in relation to transfer or proposed transfer of shares. iv. These guidelines shall come into effect on the day of their issuance.

PART-A

2. Definitions

Chapter-II
DIRECTIONS ON PRIOR APPROVAL

Procedure of Application

CHAPTER – III
PRIOR APPROVAL IN CASE OF SUBSEQUENT INCREASE IN SHAREHOLDING

CHAPTER – IV
DETERMINATION OF “FIT AND PROPER” STATUS

Illustrative criteria for determining “fit and proper” status of applicants

CHAPTER– V

CONTINUOUS MONITORING ARRANGEMENTS

Continuous monitoring arrangements for due diligence in case of existing major shareholders

CHAPTER – VI
Controlling Interest in Insurers

ACQUISITION OF SHARES / VOTING RIGHTS FOR THE PURPOSE OF GAINING CONTROLLING INTEREST IN AN INSURER

CHAPTER – VII

COMPLIANCE WITH OTHER REGULATIONS AND VOTING RIGHTS

PART-B
SHAREHOLDING AND VOTING RIGHTS LIMITS IN INSURERS

PART-C
Foreign Holding and Other requirements

IRADI-Guidelines for Listed Indian Insurance Companies 2016

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