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Start Free TrialINSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (PREPARATION OF FINANCIAL STATEMENTS AND AUDITOR'S REPORT OF INSURANCE COMPANIES)REGULATIONS, 2000 Complete Act
State: Central
Year: 2000
.....of their publication in the Official Gazette. Regulation 2 Definitions .-(1) In these regulations, unless the context otherwise requires- (a) "Act" means the Insurance Act, 1938 (4 of 1938); (b) "Authority" means the Insurance Regulatory and Development Authority established under sub-section (1) of S.3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999); (c) All words and expressions used herein and not defined but defined in the Insurance Act, 1938 (4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or in the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in those Acts. Regulation 3 Preparation of financial statements, management report and auditor's report (1) An insurer carrying on life insurance business, after the commencement of these Regulations, shall comply with the requirements of Schedule A. (2) An insurer carrying on general insurance business, after the commencement of these regulations, shall comply with the requirements of Schedule B : Provided that this sub-regulation shall apply, mutatis mutandis, to re-insurers, until separate regulations are.....
List Judgments citing this sectionAssessor (Licencing Professional Requirements and Code of Conduct) Regulations, 2000 Complete Act
State: Central
Year: 2000
.....to the Authority that he or any of its directors or any of its partners, as the case may be, has (i) not contravened any of the provisions of the Act or the IRDA Act, or any rules or regulations made under those Acts or any order or direction issued by the Authority; (ii) not made a statement which is false in material particulars with regard to his eligibility for the licence or renewal thereof or in any of the activities transacted by him or them or the matters connected therewith as a surveyor and loss assessor; (iii) neither had his licence cancelled or suspended under the Act, nor had violated the Code of Conduct prescribed under these regulations; (iv) discharged the duties and responsibilities as a professional; (v) not been negligent in the discharge of his obligations; and (vi) not been sentenced to a term of imprisonment by any Court of law. Regulation 8 Procedure where licence is not to be granted or renewed, or where licence is to be suspended or cancelled (1) Where an applicant does not satisfy the provisions of the Act and these regulations, the Authority may reject the application for grant of licence or renewal thereof and refund to the applicant not more.....
List Judgments citing this sectionInsurance Regulatory and Development Authority (General Insurancereinsurance) Regulations, 2000 Complete Act
State: Central
Year: 2000
.....Regulatory and Development Authority Act, 1999 (41 of 1999), rules made thereunder shall have the meanings respectively assigned to them in those Acts or rules as the case may be. CHAPTER 2 Regulation 3 Procedure to be followed for Re-insurance Arrangements (1) The Re-insurance Programme shall continue to be guided by the following objectives to:- (a) maximise retention within the country; (b) develop adequate capacity; (c) secure the best possible protection for the re-insurance costs incurred; (d) simplify the administration of business; (2) Every insurer shall maintain the maximum possible retention commensurate with its financial strength and volume of business. The Authority may require an insurer to justify its retention policy and may give such directions as considered necessary in order to ensure that the Indian insurer is not merely fronting for a foreign insurer. (3) Every insurer shall cede such percentage of the sum assured on each policy for different classes of insurance written in India to the Indian reinsurer as may be specified by the Authority in accordance with the provisions of Part IV-A of the Insurance Act, 1938. (4) The re-insurance programme of.....
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