IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2013

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TT° ^o-33004/99 „ REGD.NO. D. L.-33004/99 3 T R T T _____ o R T ( H i e ( B a z e t t e o f ^ n d i a 3 w r a r r w EXTRAORDINARY «7miII— 4 PART III—Section 4 TTTfsra^TT % U 'c h iry irl PUBLISHED BY AUTHORITY U 47] ^ 18, 2013/tTm 29, 1934 No. 47]______________ NEW DELHI, MONDAY, FEBRUARY 18, 2013/MAGHA 29, 1934______________________ ■^friT I q P t ^ i M c h 3 f h r T c jc h iH g r f y ^ j u i S T f s m jE R T ik<MK, 16 'CfRERt, 2013 *fmT fq fq'q in'» 3fir f^chi-H m facM ui (Trmnrrr U tm th'uftgff ^ t t t ^nft -qft tt# ffrftpm , 2013 XPT. u 3flf OTT # T T / ^ / 1 2/70/2013.—'P lfq ^T , sfk 3Tf#FR, 1999 ( 1999 ■^41),%n3?fsrtwr6T3T3;3Tk^Ti! 1 1 4 A ^ ^ 1^ '# T T 3 T M ;m , 1938 9TTT 14 WcT3RtT # T ^ I T T , y d l e ' b K ^ P h R i ^ '? n &I f q ^ K - f q H ^ f y ,d ^ s K i P i M R n P o a < m w i i ? , 3 T*lfc^ : — l . 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'c zrm r % srcsr a iH m w t 3TTf3m ^nT #r d Fc f q 'o f i ^ i t o m ^ 3 W 2 f R ^ r f ^ r f w q t s f r ^ r ) f ^ r r o 2000 £ r n T f m r , t3r. 'a Tf^rft^r CnjRtrrf^rr arf^TR T ^Yzm rf^Tr ^ffmT a r f l ^ aftr 37^ ^rm^r ^ 3 i1 ^ 1 5 m # w 6 w ^ f^ rW ^ T ; sr. 1938 # W 2 ( 7 ) W n f ^ r ? T ; ? r s r f l r ^ B", 3T. 'a n f^ M ra fR 3rf?raKi ^ r ojofr a tk y + £ < M ui 3^ ^ 773# % ar^F) f ^ m , 2 0 0 9 ^ ^ q - * ^ l t t H ^ T T 3 = R T - T T 3 T 2 T ^ T T T T ^ f t f U F T ^ f ; Z. 'y<H<a O T tJ^ R T ^ ?nf?foT f?, <^[4kH ^T^ccjtpt ctfit&n rR F f? 3 * r r % 3T T ^3T R ^ r t j ( 3 t r ^ t s f m r ^ q P i i i T h f t ^ f r ^ T ) f M ? m , 2000 # h R ^ i R c i f ^ v z r r j m i <?; S . ’TOcTIcT STcTTtST qR 3Tf^TRT T7^ £U-dl<M t 3 TT^M 3TTT f ^ T T O t # h R & u R cI f o ^ T T ‘• I'ill }?, 5 . s t fS r m 3 T t % 3 T T ^ 3 T R ^ f t T ^ 2 f^f^Ti|JH<H' (TT3T) (^ofr # SfraR 4tJTT # ^ R l t 2 ^ R T 311^0 f ^ R O T , 2011 ^ RftSTrf^cT f^RTT 3TOT (?, £. 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" ~~ ftt<hrn. m cflt 3ITTRUT 3.1. ~~~ 4<1~cf{UI 3.2. mc;r~ Jtclc>f1<ho1 " 4. ~ €~<h'lu1 - ~ ~ - di~iHTctio1 ~ s.m sfl\?!<1,H 4.1. ~mr (% mn 4.2. ~ cf;f facfim s. ~l"o1""cfiffcn~-wmur iiflm 5.1 ~~mTIT 6. 7. 8. 5. I. I ~ S3-TT 3ITTRUT 5.1 .2 o1V3"?llcJcf;f t:Jfunr 5.1.3 ~rc;:cfi" ~ 3Mrc;:cfi" rn .3 .3 5.I.4 <joiisl'flit ~ rn 5.2 fqjfi.<I ~ 5.2.l~r1°3-lf<RUT 5.2.2 "1V~~~ 5.3 4irlisl'fcHI ~ .3 ~~c;-cfRT ~ q;r fo?lchr - - " 6.1. fo?lchr ~ ~m*~~tr~u 11t-~~ 8.1. ~Trf ~ 8.2. -Al~i<ot ~~ 9. ~<hf¥* qft:q~irl 11 12 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— S ec. 4] 9.1. # q ftg & T «N 9 .2. ^Pi-ijifR Fr a r t «r 9 .3 .3 W W 'd ! crftg& T 9.4. tTR3lt -FT 9.5. q ^ T ?lt?rfAil gsraT <T 3 ^ u s t # 3 ^ t 10 ^ 9 T T f^ r 11. 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Pl<*lPld y ? lR R : • ^ sttz j r s i t fer ^<H i+d(t $ ft's if^ d w ? t r r # arrar^^i^Trait 3 r t o t f ^ j r (? MiR)ct’H ul SfcTRT P lti<i[)d f ^ T <M*I {? vjllRi i<r(^ 3lfclR«i-d j? cHlf^i ^vTRt ^ t fr f| • ^ m T ^ r sctri W T f^r f^ ra # *f3tfcr w ^ t^ ? T W 3 f tT ^ T ^ ^ r ? T ? if % klct> •HKI^Ij? lo l'd ^ d£ d TFWf^JrT ■dPlicI ■d^Jlfeld 5TRfT ^| 2 . r a r e ysitjcPi^ cFifS^? o 3 . tfcf& F f Of. T T ^ »ft g 3T5=?ofW «t.l(1 JR^hRW VJTT: f v tw r r fj/'H -d 4 (> H < bd /9 'V/ jw t ^ f%> sffa w w m *ft fd c c fte r m s g c /i $> fp ftr ? jt f^ b d ) s fr snfrKT ftcRw £r wfftjzw ftt w^w^wv^-^xt fat v t fd$ sf)<HI Qq/j-icf, jffc fcjcfi/tf Hifijcfii U/ (3fT$3i)<d)v) JrcRcJ^ rffi h k n u i, a r m I [t^FRIII/4/161/12/3M.] i 14 1. THE GAZETTE OF INDIA : EXTRAORDINARY [PART Ill- SEC. 4] • ~ ~ <m" ~ ~ fcl;- 1$1"1.J-tlcfirl~ ii=l ~a1f~r1 ~TRl'O, cf;'(' ~<fcfcTT.3-ll cfiT" 31a-141C'la-l ~ ~ t ~ ~ ~ ~tMt=r ~ iflir ~ ~ _jo1fl 31fc:l~ctc1 ~ ~ ~~ai, cfi"{Rt ~ ~ ~ ti' ~ ti • 1$11.J-tlcfirl~ ~ ~ mfr .fif1ifr\41 t° fcftTTur, ~ W1frT ~ t° ~ 3fi{ ~ cf;'(' ~frl'f t°1Jcf>~Tmf~~~~~ ti~1fc;lr1 cf;'(' arcfr 61 I ~- m ~. af'!Z[!l,f ! [mm IIl/4/161/l2/-mfl.] I [■RFT III— 4] ( 15 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION Hyderabad, the 16th February, 2013 Insurance Regulatory and Development Authority (Issuance of Capital by General Insurance Companies) Regulations, 2013 No. IR D A /R eg ./1 2 /7 0 /2 0 1 3 . — i n e x e r c is e o f p o w e r s c o n f e r r e d u n d e r s e c t io n 1 4 o f t h e I n s u r a n c e R e g u la t o r y a n d D e v e lo p m e n t A u t h o r i t y A c t , 1 9 9 9 (4 1 o f 1 9 9 9 ), r e a d w it h s e c t io n s 6 A A a n d 1 1 4 A o f t h e I n s u r a n c e A c t , 1 9 3 8 , th e A u t h o r it y , in c o n s u lt a t io n w it h th e I n s u r a n c e A d v is o r y C o m m it t e e , h e r e b y m a k e s th e f o l l o w i n g r e g u la t io n s , n a m e ly : - 1. Short title and commencement i. These Regulations shall be called the IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2013 ii. They shall come into force on the date of their publication in the Official Gazette. 2. Definitions In these Regulations, unless the context otherwise requires: a. ‘Act’ means the Insurance Act, 1938 ( 4 of 1938); b . ‘Applicant Company’ means a General Insurance Company coming within the definition of Indian Insurance Company; c. ‘Authority’ means Insurance Regulatory and Development Authority established under Section 3 of the Insurance Regulatory and Development Authority Act, 1999; d . Application’ means application submitted to the Authority under the IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2013; e. ‘Corporate Governance Guidelines’ means the guidelines issued by the Authority vide its Circular no. IRDA/F&A/CIR/025/2009-10 dated 5th August, 2009 as amended and modified from time to time.; f. ‘Date of commencement of business’ means the date of grant of certificate of registration under IRDA (Registration of Indian Insurance Companies) Regulations 2000; g. ‘Excess Shareholding’ means shareholding over and above the limits of shareholding prescribed under Section 6AA of the Insurance Act; h . ‘Insurance company’ means the ‘Indian Insurance Company’ as defined in Section 2(7)A of the Insurance Act 1938; i. ‘SEBI’ means the Securities and Exchange Board of India; j. ‘ICDR Regulations’ means the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended and modified from time to time; k . ‘Key Managerial Personnel’ shall include but not limited to the key persons as defined in IRDA (Registration of Indian Insurance Companies) Regulations, 2000; I. ‘Offer Document’ means a document as defined under the ICDR Regulations; . : [ 'IWT III-~ 4] 15 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION Hyderabad, the 16th February, 2013 Insurance Regulatory and Development Authority (Issuance of Capital by General Insurance Companies) Regulations, 2013 F. No. IRDA/Reg./12/70/2013.-in exercise of powers conferred under section 14 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), read with sections 6AA and I 14A of the Insurance Act, 1938, the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely:- 1. Short title and commencement i. These Regulations shall be called the IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2013 ii. They shall come into force on the date of their publication in the Official Gazette. 2. Definitions In these Regulations, unless the context otherwise requires: a. 'Act' means the Insurance Act, 1938 (4 of 1938); b. 'Applicant Company' means a General Insurance Company coming within the definition of Indian Insurance Company; 'c. 'Authority' means Insurance Regulatory and Development Authority established under Section 3 of the Insurance Regulatory and Development Authority Act, 1999; d. 'Application' means application submitted to the Authority under the IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2013; e. 'Corporate Governance Guidelines' means the guidelines issued by the Authority vide its Circular no. IRDA/F&A/CIR/025/2009-10 dated 5th August, 2009 as amended and modified from time to time.; f. g. h. i. j . k. I. 'Date of commencement of business' means the date of grant of certificate of registration under !RDA (Registration of Indian Insurance Companies) Regulations 2000; 'Excess Shareholding' means shareholding over and above the limits of shareholding prescribed under Section 6AA of the Insurance Act; 'Insurance company' means the 'Indian Insurance Company' as defined in Section 2(7)A of the Insurance Act 1938; 'SEBI' means the Securities and Exchange Board of India; 'ICDR Regulations' means the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended and modified from time to time; 'Key Managerial Personnel' shall include but not limited to the key· persons as defined in !RDA (Registration oflndian Insurance Companies) Regulations, 2000; 'Offer Document' means a document as defined under the ICDR Regulations; 16 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III—Sec. 4] m. ‘Promoter’ of an applicant company means a promoter as defined under Regulation 2(m) of the IRDA (Issuance of Capital by Life Insurance Companies) Regulations, 2011; n. ‘Proposal’ means the application filed by the applicant company with the Authority under Form ‘A’ attached to these Regulations for obtaining formal approval of the Authority. All words and expressions used herein and not defined in these Regulations but defined in the Insurance Act, 1938 (4 of 1938), or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall have the same meaning respectively assigned to them in those Acts. 3. Prior W ritten Approval by the Authority: No general insurance company shall approach the SEBI for public issue of shares and for any subsequent issue, by whatsoever name called, under the ICDR Regulations without the specific previous written approval of the Authority accorded in the manner prescribed herein. 4. M anner and Procedure: These Regulations shall be applicable to divestment of the excess shareholding by the promoters of the applicant company as prescribed in Section 6AA of the Act and/or to otherwise raise funds under the ICDR Regulations, inter alia through any of the following options: a. Issue of capital under ICDR Regulations; and b. Divestment of equity by one or more of the promoters through a public offer for sale under the ICDR Regulations. The application for the approval of the Authority shall be filed in Form ‘A’ forming part of these Regulations. Provided that no issuance and allotment of capital by an insurance company shall be in any form other than as fully paid up equity shares. Further provided that any issue of capital other than as specified at (a) and (b) above, including any ( transfer of shares beyond the specified limits as laid down under section 6A(4)(ii)/(iii) of the Insurance Act, 1938 shall require the specific prior approval of the Authority. Such approvals shall be governed by the i stipulations laid down by the Authority. > 5. Approval of the Authority: (i) An applicant company proposing to raise share capital through a public issue in terms of these regulations may do so only on completion of 10 years from the date of commencement of business by the applicant company or such other period as may be prescribed by the Central Government. (ii) The approval granted by the Authority shall have a validity period of one year from the date of issue of the approval letter, within which the applicant company shall file the Draft Red Herring Prospectus (DRHP) with SEBI under the^ICDR Regulations. (iii) Any approval by the Authority in terms of the Regulations herein, shall not in any manner be deemed to or serve as a validation of the representations by the applicant company in any offer document, which fact shall be disclosed in bold letters in any offer document. (iv) The Authority reserves the right not to accord its approval if, in its opinion, (i) the applicant company is not compliant with the regulatory framework; or (ii) where it may be detrimental to the interests of policyholders; or (iii) it may not be in the interest of the insurance business in the country. 16 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III- SEC. 4] m. 'Promoter' of an applicant company means a promoter as defined under Regulation 2(m) of the !RDA (Iss11ance of Capital by Life Insurance Companies) Regulations, 201 l; n. 'Proposal' means the application filed by the applicant company with the Authority under Form' A' attached to these Regulations for obtaining formal approval of the Authority. All words and expressions used herein and not defined in these Regulations but defined in the Insurance Act, 1938 (4 of 1938), or the Insurance Regulatory and Development Authority Act, 1999 ( 41 of 1999), shall have the same meaning respectively assigned to them in those Acts. 3. Prior Written Approval by the Authority: No general insurance company shall approach the SEBI for public issue of shares and for any subsequent issue, by whatsoever name called, under the ICDR Regulations without the specific previous written approval of the Authority accorded in the manner prescribed herein. 4. Manner and Procedure: These Regulations shall be applicable to divestment of the excess shareholding by the promoters of the applicant company as prescribed in Section 6AA of the Act and/or to otherwise rnise funds under the ICDR Regulations, inter alia through any of the following options: a. Issue of capital under ICDR Regulations; and b. Divestment of equity by one or more of the promoters through a public offer for sale under the ICDR Regulations. ' The application for the approval of the Authority shall be filed in Form 'A' forming part of these Regulations. Provided that no issuance and allotment of capital by an insurance company shall be in any form other than as fully paid up equity shares. Further provided that any issue of capital other than as specified at (a) and (b) above, including any transfer of shares beyond the specified limits as laid down under section 6A{ 4 )(ii)/(iii) of the Insurance Act, 1938 shall require the specific prior approval of the Authority. Such approvals shall be governed by the stipulations laid down by the Authority. 5. Approval of the Authority: (i) An applicant company proposing to raise share capital through a public issue in terms of these regulations may do so only on completion of IO years from the date of commencement of business by the applicant company or such other period as may be prescribed by the Central Government. (ii) The approval granted by the Authority shall have a validity period of one year rrom the date of issue of the approval letter, within which the '\PPlicant company shall file the Draft Red Herring Prospectus (DRHP) with SEBI under the' ICDR Regulations. (iii) Any approval by the Authority in terms of the Regulations herein, shall not in any manner be deemed to or serve as a validation of the representations by the applicant company in any offer document, which fact shall be disclosed in bold letters in any offer document. (iv) The Authority reserves the right not to accord its approval if, in its opinion, (i) the applicant company is not compliant with the regulatory rramework; or (ii) where it may be detrimental to the interests of policyholders; or (iii) it may not be in the interest of the insurance business in the country. ' \ [WT III—7 3 ^ 4 ] ( ^TRxT ^>T IMTBf : 3TOI%JKUI 17 6. C riteria for consideration for approval: The Authority shall generally consider the applicant company’s overall financial position; its regulatory record; the proposal for issue/offer of capital; the capital structure post issue/offer of capital; and the purposes to which the share capital proposed to be raised will be applied. In particular, the Authority shall consider the following parameters amongst others: (i) the period for which the applicant has been in the general insurance business; (ii) the history of compliance with the regulatory requirements by the applicant company; (iii) the maintenance of the prescribed regulatory solvency margin as at the end of the preceding six quarters commencing from the quarter immediately prior to the date of filing the application; (iv) compliance with the disclosure requirements mandated under IRDA Circular No. IRDA/F&I/CIR/F&A/012/01/2010 dated 28th January, 2010 as amended and modified from time to time; (v) compliance with the Corporate Governance Guidelines; and (vi) its record of policyholder protection. 7. Conditions for approval While according its approval, the Authority may prescribe: (i) the extent to which the promoters shall dilute their respective shareholding; (ii) the maximum subscription which could be allotted to any class of foreign investors; (iii) minimum lock-in period for the promoters from the date of allotment of shares. The lock-in period shall be without prejudice to the requirements which may be in place under the ICDR ' Regulations; and (iv) the disclosures in the Prospectus/Offer document, in addition to such disclosures as may be prescribed by SEBI, which may include the disclosures as indicated at Annexure-1 to these Regulations. 8. Timelines for approval by the Authority: The Authority shall process and grant approval on the application as expeditiously as possible, and the applicant company shall ensure prompt response to the queries and requests for information from the Authority for processing the application. ^ 7 , 5 ~r [ 'IWT III -- ~ 4] ~ cfiT ~ : amr~n:a1 6. Criteria for consideration for approval: The Authority shall generally consider the applicant company's overall financial position; its regulatory record; the proposal for issue/offer of capital; the capital structure post issue/offer of capital; and the purposes to which the share capital proposed to be raised will be applied. In particular, the Authority shall consider the following parameters amongst others: (i) the period for which the applicant has been in the general insurance business; (ii) the history of compliance with the regulatory requirements by the applicant company; (iii) the maintenance of the prescribed regulatory solvency margin as at the end of the preceding six quarters commencing from the quarter immediately prior to the date of filing the application; (iv) compliance with the disclosure requirements mandated under !RDA Circular No. IRDA/F&I/CIR/F&A/012/01/2010 dated 28th January, 2010 as amended and modified from time to time; (v) compliance with the Corporate Governance Guidelines; and (vi) its record of policyholder protection. 7. Conditions for approval While according its approval, the Authority may prescribe: (i) the extent to which the promoters shall dilute their respective shareholding; (ii) the maximum subscription which could be allotted to any class of foreign investors; (iii) minimum lock-in period for the promoters from the date of allotment of shares. The lock-in period shall be without prejudice to the requirements which may be in place under the ICDR Regulations; and (iv) the disclosures in the Prospectus/Offer document, in addition to such disclosures as may be prescribed by SEBI, which may include the disclosures as indicated at Annexure-I to these Regulations. 8. Timelines for approval by the Authority: The Authority shall process and grant approval on the application as expeditiously as possible, and the applicant company shall ensure prompt response to the queries and requests for information from the Authority for processing the application. 17 18 THE GAZETTE OF INDIA : EXTRAORDINARY [P art III— S ec. 4] FO RM A The Chairman Insurance Regulatory and Development Authority Parishram Bhavan 3rd Floor, Basheer Bagh Hyderabad - 500 004 Dear Sir, Re.: Application for approval in terms of IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2013 In terms of the IRDA (issuance of Capital by General Insurance Companies) Regulations, 2013, M/s............................................................................ (Registration No......... dated ...............) which has completed .........years of operations, hereby applies to the Authority for issue of capital under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations). 2. The details of the various eligibility parameters referred to under Regulation 6 of the Regulations are placed at Annexe along with the requisite enclosures as listed below: i) ii) iii) On receipt of the approval from the Authority, the (insurance company).....................shall file an offer document with the Securities and Exchange Board of India (SEBI) under the ICDR Regulations within a period of one year and shall ensure compliance with the requirements under the said Regulations. Place: Yours faithfully Date: j (Signature of the Chief Executive Officer) . Designation (Signature of the Chairm an of the Board) Designation 18 TIIE GAZETTE OF INDIA : EXTRAORDINARY [PART Ill-SEC. 4) The Chainnan Insurance Regulatory and Development Authority Parishram Bhavan 3rd Floor, Basheer Bagh Hyderabad - 500 004 Dear Sir, FORM A Re.: Application for approval in terms of IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2013 · In terms of the IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2013, Mis ..................................................... (Registration No ...... dated ........... ) which has completed ....... years of operations, hereby applies to the Authority for issue of capital under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations). 2. The details of the various eligibility parameters referred to under Regulatipn 6 of the Regulations are placed at Annexe along with the requisite enclosures as listed below: i) ii) iii) On receipt of the approval from the Authority, the (insurance company) ............... shall file an offer document with the Securities and Exchange Board of India (SEBI) under the ICDR Regulations within a period of one year and shall ensure compliance with the requirements under the said Regulations. Place: Date: l Yours faithfully (Signature of the Chief Executive Officer) Designation ' (Signature of the Chairman of the Board) Designation • I [*rm h i— -® "!' 4 ] < *TTT?T «RT : 3 7 ^ ? ^ 19 Annexe to the Application 1. Name of the applicant Company: 2. No. and Date of Registration: 3. Renewal certificate issued on: 4. Number of years from the date of commencement of business: 5. Status of Compliance with the expenses of management requirements under the Insurance Act, 1938 and the Rules framed thereunder for the last five years: SI. No. Financial year (last first) Allowable Expenditure (? in crore) Actual Expenditure (? in crore) Compliance status 1 2 3 4 5 6. Details of the net profit, paid up capital and networth of the insurer for the last five years: SI. No. Financial Year (last first) Net Profit/Loss (^ in crore) Paid up capital (? in crore) Net worth (? in crore) 1 2 3 4 ' 5 7. Solvency Position for the quarter ended (for the last six quarters): SI. No. Q uarter ended (last first) Solvency Position 1 2 3 4 5 6 8. Confirmation of Compliance with the Disclosure Requirements: M /s............................................ hereby confirms that it is compliant with the disclosure requirements as mandated in the IRDA Circular No. IRDA/F&I/CIR/F&A/O12/01/2010 dated 28th January, 2010 as amended and modified from time to time. ( D e t a ils o f d e v ia t io n s , i f a n y , s h o u l d b e b r o u g h t out). 9. Confirmation of Compliance with the Corporate Governance Guidelines: M/s ............................................. hereby confirms that it is compliant with the Corporate Governance Guidelines issued by IRDA vide Circular no. IRDA/F&A/C1R/025/2009-10 dated 51 August, 2009. ( D e t a ils o f d e v ia t io n s , i f a n y , s h o u l d b e b r o u g h t ou t). 10. Details of regulatory action initiated by IRDA against the insurer for the last five years are as under: \{ffif ~ ~ : m:!T'!-ffiUT Annexe to the Application I. Name of the applicant Company: 2. No. and Date of Registration: 3. Renewal certificate issued on: 4. Number of years from the date of commencement of business: 5. Status of Compliance with the expenses of management requirements under the Insurance Act, 1938 and the Rules framed thereunder for the last five years: SI. Financial year Allowable Actual Compliance status No. (last firS;t) Expenditure Expenditure (fin crore) (fin crore) I 2 3 4 5 6. Details of the net profit, paid up capital and networth of the insurer for the last five years: SI. Financial Year Net Profit/Loss Paid up capital Net worth No. (last first) (f in crore) (fin crore) (fin crore) I 2 3 4 5 7. Solvency Position for the quarter ended (for the last six quarters): SI. No. Quarter ended (last first) Solvency Position I 2 3 4 5 6 . 8. Confirmation of Compliance with the Disclosure Requirements: Mis ............................... hereby confirms that it is compliant with the disclosure requirements as mandated in the IRDA Circular No. IRDA/F&I/CIR/F&A/012/0 l/20 IO dated 28th January, 20 IO as amended and modified from time to time. (Details of deviations, if any, should be brought out). 9. Confirmation of Compliance with the Corporate Governance Guidelines: Mis ............................... hereby confirms that it is compliant with the Cm;rorate Governance Guidelines issued by !RDA vide Circularno. IRDA/F&A/CIR/025/2009-10 dated 5 August, 2009. (Details of deviations, if any, should be brought out). I 0. Details ofregulatory action initiated by IRDA against the insurer for the last five years are as under: 19 20 THE GAZETTE OF INDIA : EXTRAORDINARY [ P a r t III— S ec. 4] 11. Details of company’s record of Policyholder Protection and the pendency of the policyholder complaints for the last five years:_______________________________________________________________ GRIEVANCE DISPOSAL SI. No. Particulars Opening Balance* Additions Com plaints Resolved Complaints Pending Fully Accepted Partially Accepted Rejected 1 Complaints made by customers - a) Sales Related b) Policy Administration Related c) Insurance Policy Coverage Related d) Claims Related e) Others Total Number 2 Duration wise Pending Status Complaints made by customers Complaints made by^ Intermediaries Total a) Less than 15 days b) Greater than 15 days Total Number *Opening balance should tally with the closing balance of the previous financial year. 12. The details of claims outstanding for the last five years: CLAIMS OUTSTANDING* SI. No Particulars Fire Marine Cargo Marine Hull Engineering Motor OD Motor TP Health Overseas Travel Personal Accident Liability Insurance Crop Insurance Credit All Other Miscellaneous Total 1 Claims O/S at start of the year 2 Claims intimated/Booked during the year 3 Claims Settled during the year 4 Claims Repudiated during the year 5 Claims O/S at end of year Age wise details of outstanding claims Less than 1 month / 1 month to 3 months 3 months and less than 6 months \ 6 months and less than 1 year 1 year and less than 3 years 3 years and less than 5 years 1 5 years and above * 1 Total *Note: Details to be furnished for both number of claims and amount outstanding (? in lakhs). 20 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III-SEC. 4) 11. Details of company's record of Policyholder Protectibn and the pendency of the policyholder complaints for the last five years: GRIEVANCE DISPOSAL Particulars Opening Additions Complaints Resolved Complaints SI. Balance* Fully Partially Rejected Pending No. Accepted Accepted 1 Complaints made by customers Sales Related a) b) Policy Administration Related c) Insurance Policy Coverage Related Claims Related d) - Others e) Total Number Complaints Complaints made byr Total 2 Duration wise Pending Status made by Intermediaries customers a) Less than 15 days b) Greater than 15 days Total Number \ *Opening balance should tally with the closing balance of the previous financial year. 12. The details of claims outstanding for the last five years: CLAIMS OUTSTANDING* SI. Particulars II, ~ 0 ,:; 1)11 1)11 Q = = No .. = = Q., ~ - - c~ .. .. 0 .. :::: ·;: 0 ~ ; .. - .. = .. ;::: ~ , ~ u II, II, = II, ·- = = -; II, II, .. ~ > = .. ~ ol~ .. II, II, .. -; 0~ ~ - ~ II, = = 0 0 .... ~ ·- .Q .. = II, 0 = ·;: ..... ..... II, II, .. .. ,:; .. = - .. - II, ~ ·;: "S'ii 0 0 :::: 0~ II, ,:; ·- ~ u - ,:; .. = ~ ~ 0.< ...:l = Q. <,-~ .. ~ - 0 ~ ~ .. ~ I u I Claims O/S at start of the year >-- 2 Claims intimated/Booked . during the year - 3 Claims Settled during the year 4 Claims Repudiated during the year 5 Claims O/S at end of year Age wise details of outstanding claims Less than l month l I month to 3 months 3 months and less than 6 ' months 6 months and less than I year 1 year and less than 3 years 3 years and less than 5 years ' 5 years and above I Total *Note: Details to be furnished for both number of claims and amount outstanding(~ in lakhs). [ ’ TFT I I I — 4 ] ’ TTCcf ^ T T T 3 T O : 3T??T?TTTnT 21 13. The details of the pre and post issue shareholding pattern are as under: Existing shareholding pattern Proposed Offer for Sale/Issue Proposed shareholding pattern SI. No. Name Status (Indian/ Foreign) No. of shares held Per cent held No. of shares Per cent Status (Indian/ Foreign) No. of shares Per cent 1. 2. 7 Issue under ICDR Regulations 14. The requisite extracts of the Board meeting held on ................................................................................... ............... duly ce Executive Officer approving the issuance of capital/offer for sale as proposed by the applicant company. It is hereby confirmed that the information furnished in Form A along with attachments therewith is correct and complete to the best of my knowledge and belief and nothing has been concealed or suppressed. Place: Date: Yours faithfully (Signature of the Chief Executive Officer) Designation (Signature of the Chairm an of the Board) Designation QZ/)z-jL ['GT7T JII- -~ 4] 13. The details of the pre and post issue shareholding pattern are as under: Existing shareholding pattern Proposed Proposed shareholding Offer for pattern Sale/Issue SI. Name Status No. of Per No. of Per Status No. of Per No. (Indian/ shares cent shares cent (Indian/ shares cent Forei2n) held held Foreh?n) 1. 2 . .... .... . .... .... Issue under ICDR Regulations 14. The requisite extracts of the Board meeting held on ...................... duly certified by the Chief Executive Officer approving the issuance of capital/offer for sale as proposed by the applicant company. It is hereby confirmed that the information furnished in Form A along with attachments therewith is correct and complete to the best of my knowledge and belief and nothing has been concealed or suppressed. Place: Date: Yours faithfully (Signature of the Chief Executive Officer) Designation (Signature of the Chairman of the Board) Designation 21 22 THE GAZETTE OF INDIA : EXTRAORDINARY [Part III— S ec. 4] Annexure 1 Disclosure Requirements for Applicant General Insurance Company The Securities and Exchange Board of India (SEBI) has laid down the framework for issue of capital and disclosure requirements in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations). Part ‘A’ of Schedule VIII of the ICDR Regulations lays down the disclosure requirements in the Draft Red Herring Prospectus, Red Herring Prospectus, Shelf Prospectus and Prospectus. An applicant company seeking to issue capital/ make on Offer for Sale under these Regulations shall make the following disclosures in the offer document. These disclosures shall be in addition to the prescriptions laid down by SEBI in the ICDR Regulations and shall not be seen in derogation of the requirements prescribed by SEBI: a. Risk factors specific to the insurance companies b. Overview o f the insurance industry c. Disclosure of Financial Statements d. Glossary of terms used in the insurance sector e. Particulars of the Issue f. Particulars about the Issuer g- Legal and other Information. The details of disclosures are as indicated below: a. Risk factors specific to the applicant company The Offer Document shall list out the risk factors specific to the insurance sector, to be broadly segregated into the following categories: 1. Insurance Risk: Risk arising because of inaccurate estimation of the best estimate or because of random fluctuations in the frequency and size of the claims and other cash flows. Risks relating to Catastrophic losses shall also be covered. 2. M arket Risk: Risk arising out of variations in the level or volatility of the market prices of assets, liabilities and financial instruments due to external market and economic factors. 3. C redit Risk: Risk of default of a counterparty or obligor, including the risk of default relating to risk mitigating contracts like reinsurance and financial derivatives. 4. Liquidity Risk: The risk that the business will encounter’difficulty in realizing assets or otherwise raising funds to meet commitments. 5. O perational Risk: The risk of loss, resulting from inadequate or failed internal processes, people and systems, or from external events. 6. Reinsurance risk: Risk arising out of the reinsurance arrangements, including any significant reserve and capital impact; and whether the arrangement involves true transfer of risk. At the minimum, the associated risks shall cover the illustrative list as prescribed by the Authority from time to time. / b. Overview of the insurance industry The overview of the insurance industry shall briefly cover the background of the insurance industry, the global and domestic insurance environment, industry outlook, analysis of trends, investment of funds by the sector, FDI in Insurance Sector, Intermediaries, changes in Insurance Legislation, and compliance status with the applicable Corporate Governance Guidelines furnishing particulars on the following aspects: 1. Introduction 2. Background about Insurance Industry • 2.1. Overview of the Insurance Industry 2.2. Insurance Regulatory and Development Authority 22 THE GAZETTE OF INDIA : EXTRAORDINARY [PART Ill- SEC. 4] Annexure I Disclosure Reauirements for Applicant General Insurance Companv The Securities and Exchange Board of India (SEBI) has laid down the framework for issue of capital and disclosure requirements in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations). Part 'A' of Schedule VIII ofthe ICDR Regulations lays down the disclosure requirements in the Draft Red Herring Prospectus, Red Herring Prospectus, Shelf Prospectus and Prospectus. An applicant company seeking to issue capital/ make on Offer for Sale under these Regulations shall make the following disclosures in the offer document. These disclosures shall be in addition to the prescriptions laid down by SEBI in the ICDR Regulations and shall not be seen in derogation of the requirements prescribed by SESI: a. Risk factors specific to the insurance companies b. Overview of the insurance industry c. Disclosure of Financial Statements d. Glossary of terms used in the insurance sector e. Particulars of the Issue f. Particulars about the Issuer g. Legal and other Information. The details of disclosures are as indicated below: a. Risk factors specific to the applicant company The Offer Document shall list out the risk factors specific tb the insurance sector, to be broadly segregated into the following categories: I. Insurance Risk: Risk arising because of inaccurate estimation of the best estimate or because of random fluctuations in the frequency and size of the claims and other cash flows. Risks relating to Catastrophic losses shall also be covered. 2. Market Risk: Risk arising out of variations in the level or volatility of the market prices of assets, liabilities and financial instruments due to external market and economic factors. 3. Credit Risk: Risk of default of a counterparty or obligor, including the risk of default relating to risk mitigating contracts like reinsurance and financial derivatives. 4. Liquidity Risk: The risk that the business will encounter' difficulty in realizing assets or otherwise raising funds to meet commitments. 5. Operational Risk: The risk of loss, resulting from inadequate or failed internal processes, people and systems, or from external events. 6. Reinsurance risk: Risk arising out of the reinsurance arrangements, including any significant reserve and capital impact; and whether the arrangement involves true transfer of risk. At the minimum, the associated risks shall cover the illustrative list as prescribed by the Authority from time to time. b. Overview of the insurance industry The overview of the insurance industry shall briefly cover the background of the insurance industry, the global and domestic insurance environment, industry outlook, analysis of trends, investment of funds by the sector, FDI in Insurance Sector, Intermediaries, changes in Insurance Legislation, and compliance status with the applicable Corporate Governance Guidelines furnishing particulars on the following aspects: I 1. Introduction 2. Background about Insurance Industry 2.1. Overview of the Insurance Industry 2.2. Insurance Regulatory and Development Authority [*TFT III—'m s 4 ] < *TFRT : 3TOTWT 23 3. Global Insurance Environment: A brief on global and domestic scenario covering Insurance Penetration, Density, growth of Industry, etc. 3.1. G lobal Insurance Environment 3.2. Domestic Market Overview 4. Industry Outlook - General Insurance - Premium Underwritten 4.1. Market Share (% share) 4.2. Growth of Business 5. Analysis of Trends - General Insurance 5.1 General Insurance 5.1.1 Enlarged Coverage 5.1.2 Introduction of New Products 5.1.3 Tariffed and non-tariffed products 5.1.4, , Reinsurance Supported Products 5.2 Health insurance 5.2.1 Enlarged Coverage 5.2.2 Introduction of New Products 5.3 Reinsurance Business 6. Investment of Funds by the Insurance Industry 6.1. Investment Pattern 7. FDI in Insurance Sector 8. Intermediaries 8.1. Commission Structure 8.2. General Insurance Industry 9. Changes in Insurance Legislation i 9.1. Changes in Insurance Legislation 9.2. Regulatory Issues and Changes 9.3. Consumer Related Changes 9.4. Removal of Redundant Clauses 9.5. Enhancement of Enforcement Powers and Levy of Penalties 10. Corporate Governance Guidelines for Insurance Companies 1 1 . Conclusion c. Disclosure of Financial Statements Disclosures specific to the insurance industry would broadly cover the following aspects. 1. Presentation of the financial statements: The presentation of financial statements shall be made for the period as specified in the ICDR Regulations as per the formats prescribed by the Authority from time to time. 2. Additional disclosures shall be made to the financial statements: i. Gross premium - along with Geographic segmentation ii. Cross selling iii. Distribution network iv. Operating expense ratio v. Investment yield vi. Investment of above 5% of total Funds in each sector through equity and bonds vii. Reinsurance: Number of re-insurers with break-up domestic and foreign I. Ratings of re-insurers II. Type of arrangement with Reinsurers: i. Treaty Reinsurance- 1. Proportional treaties a. Obligatory and b. Others 2. Non-proportional Treaties a. Excess of Loss b. Stop Loss c. Any other ( 'qfJT III- ~ 4] 3. 4. Global Insurance Environment: A brief on global and domestic scenario covering Insurance Penetration, Density, growth of Industry, etc. 3.1. Global Insurance Environment 3.2. Domestic Market Overview Industry Outlook - General Insurance - Premium Underwritten 4.1. Market Share (% share) 4.2. Growth of Business 5. Analysis of Trends - General Insurance 5.1 General Insurance 5.1.1 Enlarged Coverage 5.1.2 Introduction of New Products 5.1.3 Tariffed and non-tariffed products 5.1.4. . Reinsurance Supported Products 5.2 Health insurance 5.2.1 Enlarged Coverage 5.2.2 Introduction of New Products 5.3 Reinsurance Business 6. Investment of Funds by the Insurance Industry 6.1. Investment Pattern 7. FDI in Insurance Sector 8. Intermediaries 8.1. Commission Structure 8.2. General Insurance Industry 9. Changes in Insurance Legislation 9 .1. Changes in Insurance Legislation 9.2. Regulatory Issues and Changes 9.3. Consumer Related Changes 9.4. Removal of Redundant Clauses 9.5. Enhancement of Enforcement Powers and Levy of Penalties 10. Corporate Governance Guidelines for Insurance Companies 11. Conclusion c. Disclosure of Financial Statements Disclosures specific to the insurance industry would broadly cover the following aspects: 1. Presentation of the financial statements: The presentation of financial statements shall be made for the period as specified in the ICDR Regulations as per the formats prescribed by the Authority from time to time. 2. Additional disclosures shall be made to the financial statements: i. Gross premium - along with Geographic segmentation ii. Cross selling iii. Distribution network iv. Operating expense ratio v. Investment yield vi. Investment of above 5% of total Funds in each sector through equity and bonds vii. Reinsurance: Number ofre-insurers with break-up domestic and foreign I. Ratings of re-insurers IL Type of arrangement with Reinsurers: 1. Treaty Reinsurance- I . Proportional treaties a. Obligatory and b. Others 2. Non-proportional Treaties a. Excess of Loss b. Stop Loss c. Any other 23 24 THE GAZETTE OF INDIA : EXTRAORDINARY [ P a r t III— Sec. 4] ii. Facultative Reinsurance iii. Obligatory and iv. Others III. Reinsurance balances outstanding - age-wise viii. Maximum Probable Loss Ratio ix. Incurred but not reported (IBNR) /Incurred but not enough reported (IBNER) x. Claims outstanding for the last five years xi. Interest rate sensitivity xii. Manner of arriving at unrealized gain/losses xiii. Solvency Coverage ratio xiv. Certification by the Auditor confirming that the amount of liabilities has been determined in the manner prescribed in the IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000 and the amount of liabilities are fair and reasonable. The Auditor shall also certify that the amount of liabilities includes the IBNR (and the IBNER) reserves which have been determined by the appointed actuary; xv. Details of Experience analysis; Adequacy of premiums; adequacy of reserves; Asset Liability Management; and Current Financial Condition as required to be disclosed under the Financial Condition Report for non-life insurance companies stipulated vide IRDA’s Circular No. IRDA/ACTL/CIR/Misc./081/05/2010 dated 13th May, 2010. xvi. Accounting and other ratios: The ratios with specific reference to the insurance industry as prescribed by the Authority from time to time shall be disclosed. 3. Details of company’s record of Policyholder Protection and the pendency of the policyholder complaints for the last five years, including but not limited to grievance redressal and ageing of claims. > 4. Legal and other Information: Compliance with the regulatory requirements laid down by the Authority under the Insurance Act, 1938, IRDA Act, 1999 and the regulations framed thereunder. d. Definitions and Abbreviations (Glossary): At the minimum, the illustrative glossary of terms as prescribed by the Authority from time to time shall be included in the Offer Document giving details of the Issuer and industry related terms. e. Particulars of the Issue: The following disclosures shall be made about the objects of the Issue: a . to augment the solvency requirement; b. general corporate purposes; and/or j c. any other purpose which has the specific approval of the Authority. f. Particulars about the Issuer: The following additional disclosures shall be made about the insurance company: 1. Corporate Governance: • Disclosure to the effect that the insurer has complied with the requirements of Corporate Governance as laid down by the Authority in addition to those contained in the Listing Agreement. • Details of all Committees set up by the issuer, including the names of committee members and a summary of the terms of reference under which the respective committee operates. 2. Key Managerial Personnel 3. Promoters g. Legal and O ther Inform ation / Disclaimer clause: T h e d e c la r a t io n in d ic a t in g t h a t I n s u r a n c e R e g u la t o r y a n d D e v e lo p m e n t A u t h o r i t y ( “ I R D A ”) d o e s n o t u n d e r t a k e a n y r e s p o n s ib i lit y f o r th e f i n a n c i a l s o u n d n e s s o f th e in s u r a n c e c o m p a n y o r f o r th e c o r r e c t n e s s o f a n y o f th e s ta te m e n ts m a d e o r o p in io n e x p r e s s e d in th is c o n n e c t io n . t * * * J. HARI NARAYAN, Chairman [ADVT. 111/4/161/12/Exty.] Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 24 THE GAZETTE OF fNDlA : EXTRAORDINARY ii. Facultative Reinsurance 111. Obligatory and iv. Others III. Reinsurance balances outstanding - age-wise viii. Maximum Probable Loss Ratio 1x. Incurred but not reported (IBNR) /Incurred but not enough reported (IBNER) x. Claims outstanding for the last five years xi. Interest rate sensitivity xii. Manner of arriving at unrealized gain/losses xiii. Solvency Coverage ratio [PART Ill- SEC. 4] xiv. Certification by the Auditor confirming that the amount of liabilities has been determined in the manner prescribed in the !RDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000 and the amount of liabilities are fair and reasonable. The Auditor shall also certify that the amount of liabilities includes the IBNR (and the IBNER) reserves which have been determined by the appointed actuary; xv. Details of Experience analysis; Adequacy of premiums; adequacy of reserves; Asset Liability Management; and Current Financial Condition as required to be disclosed under the Financial Condition Report for non-life insurance companies stipulated vide IRDA's Circular No. IRDA/ACTL/CIR/Misc./081 /05/2010 dated 13th May, 2010. • , xvi. Accounting and other ratios: The ratios with specific reference to the insurance industry as prescribed by the Authority from time to time shall be disclosed. 3. Details of company's record of Policyholder Protection and the pendency of the policyholder complaints for the last five years, including but not limited to grievance redressal and ageing of claims. 4. Legal and other Information: Compliance with the regulatory requirements laid down by the Authority under the Insurance Act, 1938, IRDA Act, 1999 and the regulations framed thereunder. d. Definitions and Abbreviations (Glossary): At the minimum, the illustrative glossary of terms as prescribed by the Authority from time to time shall be included in the Offer Document giving details of the Issuer and industry related terms. e. Particulars of the Issue: The following disclosures shall be made about the objects of the Issue: a. to augment the solvency requirement; b. general corporate purposes; and/or c. any other purpose which has the specific approval of the Authority. f. Particulars about the Issuer: The following additional disclosures shall be made about the inshrance company: I. Corporate Governance: • Disclosure to the effect that the insurer has complied with the requirements of Corporate Governance as laid down by the Authority in addition to those contained in the Listing Agreement. • Details of all Committees set up by the issuer, including the names of committee members and a summary of the terms of reference under which the respective committee operates. 2. Key Managerial Personnel 3. Promoters g. Legal and Other Information Disclaimer clause: The declaration indicating that Insurance Regulatory and Development Authority ("/RDA") does not undertake any responsibility for the financial soundness of the insurance company or for the correctness of any of the statements made or opinion expressed in this connection . ••• J. HARI NARAYAN, Chairman [ADVT. III/4/161/12/Exty.] Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-I 10064 ..... ' , . I ., '--· .Lo. r' .... - ...... 11 ... ,.., Puhl irQtfnn~ rlPlhi .. 1 I no 4