IRDAI (Places of Business) Regulations, 2015

Document text

-if ~ ~ o ito ~o- 33004/99 REGD. NO. D. L.-33004/99 ~- 2531 No. 2531 anuvmo, EXTRAORDINARY 'qT'J 111-~4 PART Ill-Section 4 ~ ~ ll<filf'?ln PUBLISHED BY AUTHORITY -ff~. '4•i<"IQI(, ~ 21, 2015/ ~ 30, 1937 NEW DELHI, TUESDAY, JULY 21, 2015/ASADHA 30, 1937 IJRift1I' ~ fa~ql'1ifi. lftl fttlfira wrftlifi<OI 31ftl~t111i ~?.Wille., 15 ~. 2015 ., IJRift1r ~ fa~ql'1ifi 3ftl fttifira wrftlifi<OI .<~ ~ "~" .. , 2015 q;r, lf. IU.~ .flt.flt.,i,,/ftj~q'1/9/99/2015.~-Wl<f q"l" ~~ ifrn1" ~ . 1938 ~ um 114tr (2) (~) 3fir ~ ifrn1" f;tlm ~. 1956 ~ um 18(4) * ~ ~ ifrn1" ~. 1938 ~ um 64 cfll:ft ~ ~ ~rf.tc:rm <fiT ~ <fi"IB str ~ ifrn1" =tic-tl(;ifiF( ~ * ~ q-umr ~ * ill?; ~ ~· ~s-.:i~faa ~~4'1 ~ ~. ~ :- 1. ~ .tTJf 3ftl 'il'Rlf: (i) °t ~~4'1 ~ ifrn1" ~~41'1ifi 3fir ~ ~ (~ ~) ~~4'1, 2015 * o'IT'1" ~~~I (ii) -t ~~411 m"<fiTfr m ~ ~ ~Tif ~ ~ ~ ~ ~ (1'tTT ~ ~ ~ ~ (~ ft«if) ~~411, 2013 <fiT ~ ~I 2. qf\111111,J : (i) ~ ~~4~ ~ ~ ~ ~ ~ ~ ~ ., ITT. -- 3158Gl/2015 (qi) -~ ~ ifrnt" ~. 1938 (1938 <fiT 4) ~ ~; (W) ~ ~ ifrn1" ~~4,11q:, ~ ~ ~ ~. 1999 ~ um 3 ~ N- um (1) * 3'tfrrr ~ ~ ifrn1" ~~4,Aifi ~ ~ ~ ~ ~; (I) , ,,,. - l : i 1 1 , 1< i e oc i _m ~ ~ i r· ~ 1 _ ~ i · t; ; t t I m, ~ l ~ ~ f « ~ ~ f ! f ! .. i. i i " I . « l ~ £iii ~1d~~!i1 ;;'-i!!I ! ;i, Ii i~ !=. ~t ~,-i.f.,,lf i.i !sd! i. IU "'"i i"' 11 i I l ~ i I i ! ~ I .,; ~ i I I I ! I i I i i ! - t; !td· 11~1 1 ;!t Ii 1li I i 1:1 lti ~-i i it1i! l!!i!l~j 11i~!!li!' . i'i; ill ti ~ ~-i ii ! ! ~ I, I if I, . I I ! It~ I~ ~ ~-I l ~it ti ~ ~ ""'l ~~~, td!"".t;f:="'li-iajfl . t :S:fioll : 1 m_ ~ I; i ~ ! i ; i it t : t r ; i i I 1. ! ! .. .a 'l 46 t i ~ [ ~ -~ 0 11~, i~ ~ ~1~ i "<01!!~~ t ~ ~ i~i ~~ ~ ~ ~ ~ ~ ~ I ~ ~ ~ ~ -~ I ~ ~ I ~-f -~ ~ ~ t - ~ t "" , ii! ~ ~1 ~ Ii! - - ~ ~ e Fi 'tt f I& l i ~ ~i,:lir'" 1i111~ ~~; 1lii; i!it!i!ti i: ~ ~ ~ fl I w ~ ~ :;, ... 11~ ~ ~;~!iii~~ ~ i~:D~~-~r. ~t:-r.t1r1t-dE ~ ~ 11:if~jll -~ilil liili! : ~ §; ltl i N - - - v ll'> <0 - - - • [\TITI Ill-~ 4) 3 (7) (i) ~ fc'J~4Jti * ~ 11-rra * ~ qfffl ~ * filttr Q@rft\a .flt ~ ~ cfiT ~ (8) (9) (10) ~ $ filttr ~ ~ ft\tITT' ~ ~ \lrftlc:fi{Oj Vlfi tmmlcf; 3ft'<' ~ ~ ~ $ . ~ ~ 3mm ~ ~ l'tr ~ ll-jA)c.ii ~ ~ ~ ft\m{" ~~I cfi. \lrtticfi,(Uj ~ c4cltti4 ~ ;\ fa~~CC: c41'TI'{" ~ ~ ft\m{" ~ $ ifre" ~ ~ qfffl ~ $ filttr llijlflc.ii ~ ~ ~ ~ ~ .}ffiflcfiH <ti'{ ~ ~I ~ - ~ .flt ~ ~ qfffl ~ $ filttr ~ ~ .:tlojA)c.ii ~ ~ ~ ~ ~ ~ ~ * 4'1111~ ~ tf{ <.Jiifl'QH m * filttr ~<fM cfiRVT ~ ~ ~ cftir ~ $ ~ ~ cfiT 'jiitlltM ~ ~ JrtTiffl" <ti'{ ~ ~I ~ - 4'1111cficflltl ~ ~ ~ ~ ~ . ~ fcl:;- ct ~ ~ ~ ttf"t:lt~a ~ * ftw ~ ~ c4cltll4 ~ ti Q@lfc'Jc1 ~ ~ # ffllw-l ~ $ fiw ~ cflt $ ~ ift! ~ llojli'l~a ~~ 3ftt?fT mfflra c4cttl,4 <il,ii..i,(f ~ <fit1 (ii) fa~4'1 7(i) # ~ ~ ~ $ ~ fQ' aft, ~fi.1~<1 ff<1l ~ ~ c:fi{ildi~ mfr 4'1'11cficfl3'l ~ ~ ~ ~ ~ ~ ~ ~ ~ t ~ $ ~-31-jA)c..:, $ ~ lm<i $ ~ 3ic;"{ ~ ~ ~ . ~ 3ftt?fJ ~ ~ ~ ~ \1TUf ~ ~ ~ iidliiHA' ~~ ,ii,lJIUliii qdficfi{Ui $ ~ ~ 'Qcfi ffiW ~ cfiA' ~ H't11" ~ ~~41'1 $ ~~4'1 16 $ ~ \lrttic:t,,to1 iR ~ ~I ~- r\•1<1'1 ,htr.f~ ~ ~ ~ cflt ti \irftlc:fi{Uj ~ ~ l'tf # ·~I ti. ~ $ ~ ~ ~ cflt # \lftllc:t,,(Uj ~ ~~$~~I I fa~4A 7(i) # 3ft:t.lrai<1 ~ ~ im,, ~ $ filttr ~ ift! c.:,crm "1-jA)~H ~ c4clttl4 ~ 3ftf<n ffll'lftra ~ c4cltt~ ~ ~ ~ $ ffltf ~ ~~41'1 ~ ~-1 $ tlim - qr.ft- 1 # ~ ~ ~I ~ ~ fct~ ~ $ fiw ,1'tr.f~ ~ cfiT ftml1T 3ftt ~ $ ~ cfiT ~ 3ft ~~~I ~~4A 7(i) # 3fi:t.ffi!IH ~ ~ ~ qfffl m $ fc:rv ~ ~ ~ ~ H't11" ~ faf.)411 7(ii) # 3ft:t.frai<1 ~ ~ qfffl ~ ~ ~ ifllilcficfl imT c4ct:Al4 $ i!°lt1c:fil~c:fi ~ cfiT ~ .ma't ~ fiw ~.flt~~# ~ 3q~ ~ 31Tcn~ ~ ntlT a ~ 31<"<4cfi,~cfi ~ cli" filttr .flt ~ ~ \1TUf m ~ ri'it1 fa~4A 7(i) ti Q@ifaH ~ ..«lilc:fi{Ui ~ .:ttojlfl~ci .flt ~ ~ \lrttic:t,,(Uj $ Ji.,pilC:ii ~ nrfl'w ~ Vlfi ~ ~ 3fqfti' $ 3ic;"{ qfffl ~ ~I cfi. 3<@ ~-lftm ~ ~ $ ~ \lrttict,{Ui cfiT -'i"jA)c.ii ~ ~ ,il'TV1ITI ti. fa~4'1 10 # ~ ~-lftm $ ~ ~ mi1R ~ \1TUf ~ ~ -.;rr tt'$ ~. ~ iflAlcficfl ~ ~ c4cltll4 ~3ft # ttf"t:lt~H cfil ~ it (11) qfffl ~~mfr~~.~~~~ rr ~ ~ ~ t- ffltf ~ ~ rr ~. ~ ~ cf\Ft/it-14, ~ cfii<nt-14 ~ ~ (~-3"1') ~ ~. cfiA' ~ cfiA' ~ ~ mmr ~ ~. ~ c;(l~41'1, \1'@Tcf ~ cfiT ~ 3ftt?fT qffmft ~ ~ ~ ~~I ·, ... , ~ ~ I ! i i ➔~ 1f ! -~ g I ~ ~ I~ I ~ I i f * ~ ! ~ i i l-i· ~1~ ~t~. t; ,. ~r,, 1-J I t · ~ i t t. i I· I ~ :r. ~ I 1; i & fl ~ ii i ! l ~ .~ I i i I - i!t lii~d E~j lH i lilii! !14<4< i4< I 1 t :· ~ i· ! l f.~ ! t ! I 1- ~ ~ I i ~ I I ~ t r. ~,j I IP I O t;; 'If ~ i, [ ~ ~ i ~ I Ii 1' ! ; ~ ; I tf, 1~ < ~ ~ t ~ ~-~ -m ~ i ~ ➔~ -1'1 ~ t ~ ~ i I 1f ~ ~ ~ ~ ~ ~ I f& ~ -i * ~ [ : m ~ 1f ~ t ij ~ t ~ ! ~ [ ~ & ~ ~ Ii i ~ l i l i 4 'fl ' i< t [ ~ ·~ I I I· f It ;; ~ 'fl ~ N g ~ ;fl Itt!j- f:i !1-I! le.::~jfi jtf!1~! ~ .. 11e 114<1.~~: 1:iili! 1i! 1!!i tf,!!~! 1! ~. ',~ ieJll~~~fti~J! t~~f~ii· t~,~lltt; ~ -~ ~ f& i i ,.; I; ~ i ~ i I ~ ~ ~,, ~ ~ i "'1 ~ ~ ~ i i ~ ~ l : i1 t. lili•t< ~i li1-: ! I l1 I :: 11;11 Ii ~.11: i ~. r1·t !;l!1t!!lif!ili;!j4&l1!! i1o?;~!j -l~:1' _:l!1l!:1f!tll Ii ;i~:~!I 1!!1~li -~ it I ~ r;z; ~ ti i i ~ ~ li i f t ~ ~ w., l ~ i ....... ;::, N' ..,. II Kl :::, ,..._ :=- == C ~ - - - (") ~ It') .... .,.... .... .._. ~ .._. ~ II I ~ ~ ~ I ti i I i ! 1· ~ it. 11 i 1fr i gt ~ [· J~ 1 i;,~t. 4, ii«l4< -~ !« _ 1'~- ~ i ! l1t Ii 1fr t! I iz;,m t 11 t [ ~ i '" 'W k r. i t 1b i ~ Ii f .i. l ~ ~ I I 11 t!; ~! i; ii! I~ i ~~~!~; i! ; - i 1~!!i! _·i, Ii l{iii~ ~ itljiii:· !~ i .. ~ i « I 10 ~ ~ ~ I, 10 ' ~ ~ !, I 1 I ' -; 10 ! :I . I ~ ! i i i ! ! , ~ i< ~ -~ I i i I i i 1 1. i r 1 i i , i i 1 1'· ; ! i 1 ! ~£;I ii i~"" t~. \1- « i ~~ ! i~itti l I! f i Ii ~ -~ € l . ~ ~ i. ,, i I ! ~ ! ! f i f "' 2 ~ 1 '" I< ~ 1r ~ ~1;li iiif: ijli!i!ii i;!;it!i !!ii L.i ~~ 1£t ~i ~Jl,~111~~~ ~~"'"''"@ ~ _!fl! i~il!t ~II - - - - i 1 - I - CD ,-... 00 o, : 0 .,... ,,- T"'"' ,- ..--~ • N N ~- - - _,,, - - I ll "t• ,' /I • • : . ~it~i ~ ij ~(ttr~ C ! ;:: Jilij $ ii t i it1~i ~ tiJL~ "t fl i~ t~ f ~~111- ft, mt -~1~1 - t!~:I 4-4, t~ti!ili ,- I I Iii ~ ! i i,i 4, t If t ~ I ~ ~ i i [ i i I f !J i t l ; ! ! ; [' < i r; tf1& f cff j ~ t~ t iii ~ i I i~~i~t~t&i .1~,i1~itt&~ : it t& il"ij~i ~, i~~ li ~jg~; a :E ~ -~ i ~ I .... ~ ~ ~ ~ i i ~ i g : ~ ~ ~ ~~t !1,~ if 1i! ~-iii: ~111~ii;1~?~.; 1;«11~!~ ~ ~ 1 if ti. f1;« j4&f ll'~t:!f ~ )tl« tiJ!~ll! 1-[;4rttf~ \0 II Ii ... I Iii - I[,,~ t t 1. . [Ii ~~ti !HS -~ ~ . . ~ t 4, I I I I I ! t ~ i ! { 4, ! ~ I< ~: ~:'tl! 1t1 I!. l :! 1;!1!} N' M' ~io jco ~ N N N N N N - - - - - - ·e,, , i 1& it i ~ i fl !~ l -~ t! JI, ! ! 1i il : ii t,f i I i I! :1~i t ii ¾ ~ ~~ .. i l ffl' f ! _ i I i l~i 1~1 i 1-I '1~ ~t!Milt l1ii:!_iif! t t I fll ,~~ ;1 ~i ! I! ! I ~, l I I : i i ! i I i i I i ~ == i I ~ ~ r; 00 ~ en ~ ... 7 tr. ~ &ict.f114 ill@ 1$ '111,ctic'O ffl«f * ~ ~r ~ urorr cti,41<'14 ~ * fi:lv ~ * -"-FiC.ii ~ ~ cfit1TT ~ fi:lv ifl'1icficfl ""' ~ ~ 4'11"icfi{Oj '>1'1iOjqi4 ~ ~~i, h: ft!n !D31I ♦IIDH!I atfra • lb 4l+11♦m;,it • 1ffilffi,n;JD (30) ~ * q'(lf ~ '111,ctici'1 ~ 3fTra * ~ ~r ~ ~m cfi,41<'14 ~ ~ ~ ~ cfiIB ~. f.?lM~@ia ~ cfiT qraif cfitit: ~- '111icfie1'1 ""' ~ 1$ ~ cfi1f ~ cfi1f 3 cf't * fi:lv qfti:il<'lii ~ ~I q\)i:il<'lii * cl'IIT ~ ~ ~ 3'J'OTi1T 3fR3 ~ ~ ~ mfny ~ ~ ~I W. i1"111icfic'03'°t * q-Jlf ~ -~ cf't ii f.?lM~@ic1 ~ ~ ~ ~ : i) ~ ift'A', *qf.?l.zil * ft:lv frtac;i 11,ffi4a - 500 ~ m ii) wmur ift"'1'r ct;qf.?l.zil 3ft{ ~ ift"'1'r *qf.?l.zil ~ fi:lv ~ 11,ffi<ia (~ ~ - 250 ~ m iii) ~ ct;qf.?l.zil * fi:lv ~ 111ffi4<1 iv) ~ ift"A'r, wmur ift"A'r, ~ ift"'1'r 3ft{ ~ ct;qf.?l.zil * fi:lv ~m.r~ v) ~ ift"A'r, muRUT ift"A'r, ~<I' ift"'1'r 3th'~ ~ ct;qf.?l 4'1 * fi:lv ffi3, - 150 ~m 11'. ~ '111,cfic'O ~ tl1\1c11a1<'11 (<f<'l~-;,1~ ~ ) t. ~ ~ r ~ ~rmrr cti,4 1<'14 * qfht1<'lo-1l ~ ~ ~ * fi:lv at1cr1ii1,c11 * ~ R ~ cfiT ~ ~ fc'f;m ;;rrom1 ~ ~ isfl11lcfic1'1 &iN<fl l l1\1.c1iql<'ll (~ ~) t, ~ ~T ~ ~m cfil4~<'14 * qn'qr<'lvfl ~ ~ ~ * fi:lv ~~ cfiT ~ ">l'@n ~ ;;rro.rr1 ~ tr. ~ ci"l11lcfi~ ~ ~ 1$ ~ ~ ~ mfny ~ ~ 5 cl'IIT ,t ~ 3 cl'IIT * fi:lv ~f.?l4,11cti .,i1q1<'1.-1 * ~ ~ m .f.?l..q1~cr1 (~) ftcfiB .t ~ ~ ~ ~ ~~'JJ@crl'~I g._ ci"l111cfin'I ~ ~ ~ * 3flUR q'{ ~ ~ ~ ~ 311-'ql~ ~ 3ft' .3{r4' ~<l'cfic'IT I ~ ft!n VBli ♦14'a!I • .,,1+1'4-t !il f:tcilla ♦3A41"1 ml (31) iif\11,cfic-OJi'\· cfiT ~r ~ ~m cfil:tn<'l4 ~ * fi:lv ~ ~kiffi@ia ~raY * 3ftftcrl' WIT= · <ti) ~T ~ ~m cfil:tn<'l4 ~ tf_;;ft Jttt ~_m ~ ~ ~<l'cfic'IT Jttt 3{T7t ~ ~ ~~ ~ ~ ~ ~ ~ '111icfic'O * ~~ ~ ~ ~ ~ ~ ~I W) ~fr ~1> w ~. 1999 (~') 3th' 3fTra * ~ ~ cfi1:tn<'14'1 * qn'q1<'1vn ~ f.?l 4~ <1 cfi<-' q I c:i ~ ~ 3ft' .3{r4' cfiT¥ cfiT "11 q I <'lcrl I .. ' r "' i i f I E ~ I ! ~ -~ ! i t _r& ~ ~ !, l i ~ I ' ~ ~ l I i ~ - ts ~ ~ t t . ~ ~ 'If i ~ = . ! ~ ~ ~ I !:r ~ ! f ! i ~ j ~ i j { i~ ~ ! i ~ J f t l « i ~ I .1c 1L 1 r~ i 1 1 a¥ i : % ~ i f t ~ l I r j. , 1 I·! 1 : ~ !i-'i• ~' !~:& ;~~,~t-it· !1~1 !~ ,. ! iti1. & f t ~! ~ J~i~"" «i 1 1~1 Mi ~ t - ~ t I ! i 1 : i:;; 1 i.; .. : i; w~ = i .. :, 1 ii · · 1& ~ ~ ; t · ~ ~ . I - -w ~ i ) i -i l & m ~ ~ i I 1s $ ~ ~ ! t I ii i l ! i ! ! ~ i ~·1 ti Ii! I!~ i I 1 ; ii li!I :i = !! -;ijti 1:1;: ~Ii ;i; ;'!!~ :i ~ 1~ ~i~ ! i~ ii ji'-~ t tt>1tiift11a Iii ff ~ ~ ; ; t l. f ~ { ~I· i ~ I I ~ i' 1-! ii I j t ij i;; ft°" ~ t 1& ~ ! : :r~ ~'irr :; ~1& . ~. ~~ti ~~il<t&1~4& li ~1 :, ~ ~lr~i I=:"~ it.+ t~tl&g. ~ ... ~. ~- ;r e: ~~ ~~ ~ 00 ai ~" ~ <it i - ! ~ I i t i . t ~ ~ : ~ t ~ i t i ~ f ! 1 :,~! l r ,,~461 ~11ttJ if ~! j);u~ 1'46 if!~ ~ 1!~1111 rri:1~ ~t wi tj~ ti l I _- -Ii r& ~ it I & ~ _t?i ij -tg, I ~ ~ 'l = 1 ~ s: - I ~.a i 1¥ -~~~ ~1:1 ~* 'lic, 'Jcr_ iq I I J;: . ~ ~ l,Ji i I, Ii IJ If ~ ri i in I li. : _ i la - i r. 1 ~ .1 "" &m* ft .. fi Ii' ~ _ f Ii ai tt E ~ i .f ~ ~, * i ~ ~,, ro I !, -w ~ * ~ m 1g * l 1. I ~ ~ i. ~'t: ~ ,t Ii' 1 i I 46 I; . h; ·~ l '! t & ! I> , t 11 l 1s i, ! J i :. ; ! [ f ~ i lL ~' t, ti i ; i i ! l ~ i i ~1Htf ~.. «~1~€.t ~Et~t~ "'f~~,- .l1o~~ ~,,~ ~ -. -i !& <t& ~ --= - ~ . ~ im li5 ,- )~ er ffi I J i fj <E ffi f¾ ~ ~ ~ m i ~ t f, ~ ! 1t I¥. l i ~ I ,< 1, 4- ' f ¥. ~ ., ·i ·= >- ~ J~ rt ~ t i; i !r~ •~ - ~ l I " " Ii · ~ - t~ t t l " ... i it - f r. t i. ~ ; t ~ ! I i ; i ? li ~ itll . ! 1, ; Ji t J I ! i ~ l i J l ~ i ; ~ I~! . J ~ I Ii B C • IE . ~ii_~~ It ! ~ ~; r. II,~ t i. .. ! I ! t ~ ! ~ ,I; I !n,., i. f-i.: ~t .1dP i - 4- 1' i ~ ,if,! ~ ~ i ]!; '15 ; I 4&~-1&~ ~* i:i;J '+.I!'~ - 1;i i[jl i&i( ill fil~~l u4: ~ ~ I< 'lo j ! ~ 'lo ,. i i . 1i: $ 4e I •jg ~ ~ 1f 4- 4- ,I.'; E 46 : , ~ ,,. !l1J1 ~ i 1 t~i I~,~~ t!l~tl l ! lii,. ltd~ 1~ ~ If ~ Iii! ::: :§,: > > -~ > i" ·- ......, ~ \• ., ~· \'s I . , I .. ,- \ ~- ... "-.) \ .... ' · .. ) ( ~y, ~:i \~ '. ' 10 THE GAZETTE OF INDIA: EXTRAORDINARY [PART III- SEC. 4] 'om. c;i(il<flct,:{Uj, ~ cfiT Y,<ll<ffoloi, ~ ~ 'Ren' (,t,lfc)~dl), ~ fa1<mur, ~~~I (33) iflAl<ficfi cfiT ~TCfi ~ ~T ~ ~m:llT cfil<l 11c-l<I t qfttjic-1"11 ~ m-~. ~ fc!crrcrrr 3ITT' c<licHHfitcfi m-~..Yic,ii ~ ~<l~<'I ~ q'<' ~dl<lvfl m $ fi:rT! 3n·Hc.lll~ 6 nm ~ f<Rfl- ~ J{t.'clT ~ $ mrci M° q'<' -;;i)' ~T ~ ~ITTID <fil<l~i-l<I $ m-~ cfiT ~ ~ ~. ~ ~ cfiT ~ ~ ~, (24) qJft'fi$UJ 'fil l{'Q3I a.}: (~1T) !tr 3mJTV '1Alcfi~ ~'Rl•T cfiT ~T ~ ~m:llT.3ll $ mfU 1r ~f&a- ft'tTTt ~ cfitm:- 1. ~ q;_ ~-~ ~ ftcTTt ~ ~-3rrc@ ',(!~<IA, ~ ~ 7nl cJc!T, *t.Toi' $ cmn, ~f;;'. f.i<hr 3fi<l', ~. <'lcfi~.,,~ ~ Fvrfum, ~ q~<l1, -~ ~ ~ 'J!'ir cfil4cfic-liq1 cfiT ~ ~ ~ mIT ~ . ~ $ ~-~ q'<' ~nitm ~ ~a,-_:r ~~<1'41 ~ faf;)fa1>e tfim n ~ ~ Rl~fa .. c ~-~.m * 3i?;T1 1sl. ~ cfiT ~T. f.!m~T q'<' ~. ~ ~ (~ ~ ~171' $ ~- ~ tTI" 1.ltrrm~a ~ ~T Rl~<1;:n .:r Rlfvtfa1>e q;rnif- .:r ~ 3Rfdtc, ~faisc ~-Fi"11'3rr ~ 3i?;T1 ~- ~~~~i ~'?.' ~mm <fi?-TTW1 ~ ~. ~3IT 3ITT' ~~ ~ $ J:j_&-<licfi..i $ mfU * f;.l,q~a ~ ~ ft'cnt1 ii. ~./flRJPf~~ "1. timW. fr!°Hl't'f 3flt.:R lTI" ~m:llT cfilmc-1<1 c,crm ~ mIT c,!!q,t,ll<I, ~ 7nl ~. cJqT ' ..> 'fi""..mt ~. oo ~ 3fc®, ~ 3ITT' fa1<muT ~ 'Jl'$' ~ cfiT facRur, mn- 1ff~. ~ ~ mt.<PT, ~ ~ ~ Rl~fal>l ~ .:r ~ <R?TTI t<r. ~6i')AT ~I cf;, ei°l'Rl<.';cti ~ ~T $ Rl~<1'1..icfia'1 ~ ~ ·•rt ~ ~ 1~~<11'1cfi ~ ~ cfiRaT$' cfiT ~ ~ nm ~ ~ mrr ?3, ~ ~ iT'$ ~ 3fT ~~ cfiRaT$', ~ ~ ~. 3ITT' ~ 7nl 3q'tli<k'1cfi rn ~ ~ ~ ~ ~I 'UI. ~ ~T ~ ~ITT!IT cfilmi-l<I $ qfN1c-1..i1 $ ~ 1r ~ 3fT Jra="<.T ~ 1TTdT ~i.~~.mm~~~, (35} cq"i'1!cficfi ~ ~am~ $ ~ ~ ~ Rl~<l'11 $ Jf<,dtc, 3Pi-l~i1 ftcrrcl ~ wfta;r $ ~ ~ "1ioicfiitl 1r ~ ~T ~ ~m:llT ?,,i<l'ii-l<l ~ qft'tlli-l"11 $ ~ 1r ~ ~ ~ " ~ ~ cfiT ~ ~ CR?TTI IJJ«fttt tftij1+abif ~ fll®n M:!r ft!rn: -mrr .,.,41§14 !tr~~ tJ$t m * mn (36) (i) ifl111cfitfl ~ mr ~ ~ ~ $ ~ ~ ~ Rlc.<1'11..i Wft ~ ~~ qftil1c-1..i1 $ 'J'"'""'" ..> ' ~ ~ t1Mq1<-fl ~ ~ ~JIT <fiT ~ - ~ ~ ~ (fta1q;f.::fja1) ~ mrr 6 ~ ~ ~ cfiT ~ ~ "11' ~I .. • ['IWT Ill- ~ 4) 11 (ii) ~ 3ft s711M,r1'1 cf; ~r fn«, ~m:m c:fiFl.l'l<'l<l if." q~,~!<'lcrl~ cf; q~o11,-H-.ca,::i ~ M t 3flfcIT ~ ~ <fi'r ~ t, ~ 3<ffi ~ ~ ~ cf; ~ ~ ~ 4T ~ fclQ<llllc:fi ~ ~ m cf; fi:tc: :;iffinq:a ~ mffi.m ~ .m~ .f'IJ.l1c:firt'1 <fi'r ~~ ~.,. <fi'r ~~ cf; 31ffinq:a, ~~ cfi'r ~ ~ fcmn' ~ nm ~T ~ ~rrmr c:fiFdl<'l<l <fi'r ~ ~~ ~ m cf; fi:tc: ~ cfi'r Qium q;r ~ 3'q<TT7T ~ fq:,,QT ~Tl 'il®cfiJOj § "'ffifH·d 3®E! (37)(i) ~ cf; qJ'ff ifflllc:fici'I ~ ~ ~ T ~ ~m:m c:fil<l'l<'l<l ~ ~ ~ 3ft ~~. 3ITT1<ffl ~ ~ cf.;'r 1ITJT, f.m~ 3flfcIT -;;r'fu-~ <t>Tor cfiT ~ 'ffifffi=f t1 .:, (ii) ~ cf; M r1" 3ft, ~ ~ cfi'r ~ n ~ ~r fn«, ~rmrr cfil71t:nl' cf; q~ .f'llllcf,c'I) cf; ~ 'R crl'ffe 6, <@ ~ * ml ~ ~ ~ t fcfi ~ ~"IJ-Jlch-t'I cfil ~ .:, if@~ cf; fi:tq ~ q;r ~ 3fCffR" ~*one;~ ~IT qf1ill<'l"1 ~- <fiTot $ ~ .:, ...,.......,.,-...,. .:, ~ ~ ~T ~ ~mm c:fil<l'l<'l<l * ~ ~ ~ - ~~~c'I (~fc) <1,~T * ~ ifflllc:fii'O ~ ~T ~I \itfllcfiJOj ~ 'Cl"Ejn ~ -,jj-'qlt'I") fclqJfu't<lj (38) ~ ~ ~ ~ ~ q"{ ~1fcl~<lllto1 .\'JJ.ilc:fic'O * ~ r fn«, wm cfitdl<'l<l TT ::;r-i.~ ;rit a'-:ft- nm ~ ~ ~ ~ ~ * ~ qcflcii.RIQc'I ~ cfi'r ~ ~ cfil ~ 1'"->11 .) .) " ') C"'\ " ~~~~~*wfm~~ *3o~·t~tr~ - " (i) ~ 3ViitJf q; [mt cf; ~ fcRlr #r f{RZ[ 3ll7n c1,- ;;np P!TfctrT t=tm, ,'Pfn ~rr.ITT .:, " cn74irf4 * ~ 'J'l! t[;;fJ ?I'm' fiJ;#t #r m:rzr fcRft' 3ft' g~ lf J/T7n' ct; ~ rmfir.r ~r t'P.rR' ~,1lJIT cn14frf4 ct; qfhllrfrlf * Ji'nf& ,Fi;,# .'i/r Fil-m- cfft' #tffmf cf;, friTu'iT M Jin?'ur " ct; isfTq' 15 Wi ct; ~ ~ cnt' tr :;{'f'(Tdfr; (39) ~ * ~r ~ ~m:m c:fit,Q)(4,Q cF, q~iJ1<'lcr1~ * ~ * ~ .w:-.a- ~ f.1-',.Mt=r m q"{ fmm m cfiT ~ 3ft QITTTcfiTOT ~ ml ~ W ~ t JTT' •f,J.Trcfic'IT" ~1HT ~f * .:, . ml~ "ffJ--f4'-~3TT * 3R.1' cJrurn cfi'1' al~~~~ ~ c fcl:;-m J!f"\:JTT I f9ctlcfiJUI filft ~ lfiJ ~ (40) ~ fclQ,qJ.I~ cf;~ 3ft 3'Yoitl * ~ 3flfcIT ~ * ~ 'R cfif6"11$4'i cfiT ~ <fiTot * ~ ~ cfiT 3ft.<ilff ~ 3t ~<Tcfi"c'IT ~ ~ ~ fq<>tlc:fi{UI ~ ~~~ T ;;rrfr 'cf;{' ~ .:, t1 if<lT cfil<l'l<'i<l ~ t' ~ ~ q;m~ ~ ~ ~ cf;'r ~ ~ ~ q;m ~ ~ c:fil<l'l<'l<l ~ * ~ is\'IJ.itc:fici'I cfiT ~ q;rn ffi'crlT cJml "1<iT c:fil<l)<'l<l ~ ;'1'TT ~'Rn~ q;rn ~ cfi'{"'1T wrr. ~ fi:tc: ~ q;r 9"a'-~ ~ cfi'{"'1T 3-rtrc:!T i:;nftlcfi"{'UT cfiT ~ cfi'{"'1T " .:, " 12 THE GAZETTE OF INDIA : EXTRAORDINARY ~ q"< 'jo1fchm ~ ~ ~ CfiROT (~ c'll7J:. ~) : 2. ,;ifiil@d cfiF9~t◄.q <F PIJif ...-I ~ ;,JR / ~ / -m:f : ~ m-· : [PART Ill- SEC. 4] ('e<TTGIT ~ ~ ~ ~ ~ ~ ~ ~ ~ 3rf.1<mr Rm ''e<TTGIT ~ ~ ~ ~~~~~~) 3(<J;) ttmr "'1 q •ffcfiJOI (i) ~ : Ji(\l.-idlfl4/~~/Jru-~~ (ii) qdficfi{OI : @"{ (~ 1/11/111/ IV/V/VI (iv) ..:ii.-idlOla-11 (~) ~ ~ qdficfi{UI : .:> (iv) ..:ii.-l{-1&41 _____ ..:ii.-ldlOl.-il (~) ____ ~ ~ 3(~) ~mrmrar ~ 3l't"{ Viitr.r ~ (i) cti;, ~ ~ ~ ~ m (~ cfiT} (ii) ctT;, ~ ~ ~ ~ITTr!ITT1i'TT ~ (~ cfiT) 3(11") ~ ~ : (i) fcrtwz¥: (ii) cfi14'1i-14 ~ ~ ~ : I. ~ ~ ~ ~ ~ (~ c'll7J:. ~) 11. qcf ~ 3lo1Ji)~c-I ~ cfil.Q~c-14 ~ ~ ~ -fl"11cfic-I'i ~ qra ~ t? " .:> iii. Cf<lT Ji"11cfi~ ~ ~ ~ ~ ~ ~ c4<T ~ ~ ~ ~ cfiT }lo1q1c-1o1 ~ 6°'? .:> v. .-i"m cfil.!l~c-14 ~ ~ m Sl@lfac-1 ~ ~ m vi. Cf<lT 3cfc," cfil41C'l4 qi)- CS!l"11cfic-I'i ~ ~ ~ ~ mir m ~ ~ V II. Cf<lT Sl@lfac-I cfil41C'l41 ~ ~ Jll.-ic-11$.-i c;ftfA4.14 TTfrct ~ ~ ~ ~ t? VI II. 417.; ~ ~ ~ cf,"{T$" ~ t c-1')- ~ ~ ~-~ ~cf,pqcf, ~ ~ ~ t }ITT Si@lfac-1 cfil41C'l4 ~ .-lql.-lc-IJi ~ cfil.!l~c-14 c'fcfi" ~ ~ ~ t? ix. cfil4~C'l4~"'~~fcl;~~~~~ ['IWT Ill-~ 4] 13 x. SFh.-·t1Rla cfil<l~i>t<l ~ ~ ~ ~ fi;rc_i- iil@1Ria <fiT<l (~ ~ cnt- ~/~) cfi".~~WJ«<,T oT. a"fm c.Qclfll.Q u-. ~ mttft flmm,, s-. ~r 5. ~ e<lq.ftl<l rt ~ q)'~~<l~ .f;'t lra<ll cl'it 1 ,·, . cl'it 2 . .. cl'it 3 6. \lh-11~<1 'lfmrfcra ~ 31-jl't"o1~: 1. ~ ~ 3to11l,f'a<1 ~ c<lq.ftl<l ~ .f;'t ~ - ..) 2. 3 ~ cf1ll ~ ~ ,mmmrr ~ ~ ~ 3. 3 ~ cf1ll ~ ~ 1il'1itr.r t4"<l" ~ ~ Jra<l" ~1~q1l'i~ ~ (~) t" ~ ..) ~ e<lq.ftJ<l -a- IJ'l~<l1l 3mT ~~ ~ ,ft m .f;'t lra<ll # ~ Q>TP.T ~ ~ ~ fi;rc_i- J.1$1crldlfl.Q ~ cf$" ~ 6 ~ Jtci'Ffi&.QI 10 ~ 3ITT ~ 3{TU4, 6 a-m- ~f$tl" ~ 1 ~ ~ 9,99,999 c,cf," ~ Jt•H-i&<ll ~ <r<fn, .mr-~1"$tl" 10,000 R 99,999 c,cf," ~ ~<TT R ..) <lcFc'l'I Jtcrl,H&.QI ~ ~ ~ "Jl17l"crll o1Cl~o1<1J.1 ~ ~~ JtcrldiOicrli ID ~ ~ ~ ~ I ..) ..) I -i 14 THE GAZETTE OF INDIA: EXTRAORDINARY ifii«netcii .,- 11":~ ~ 31~4.,f ~ fi:tv ~ ..,,cf1e1c1~ .,- 1jif:~ ~ 31ijM4il ~ fi:tv ~ [PART Ill- SEC. 4] (3i! fl-11~cii cm~ ail 11":~ Tift if;T{, ~ ~ imr "R ~ cmft -c;rctiT{ ~ if"lRY ~ fi:tv > ~m 2(1fi) ~ ifilcf1elcl .,- ~ ifiT ~ i. q'nl"~ 1 ii. q'nT" ~ 2 iii. q'nT" ~ 3 iv. ~ ,"fm"~m v. ~ vi. rflR~mfu" vii. ~m 2(11) ~ ifiT q3ffifi<UI i. ~ : Sli5lcr1Jlft<l/~~/JfU-~~ ii. clJftc:fi<ul : @"<" (tl<R} 1/ll/lll/IV/V/VI iii. c:fil<nC'l<l c:fiT ~ iv. c:1aflc:f,,tOI ;,tcrlJIOlcrll (qtq") c):; 3r.'raR ~ vi. ;,tcrl.fl<SAI ____ ;,tcr1JIOlcrll (~) ___ <):; ~ 3(1fi). ri ifi14"elci ~ ifiT ~ i. q'nT" ~ 1 ii. q'"ffi" ~ 2 iii. q'"ffi" ~ 3 iv. ~lml"~m v. ~ vi. rflR~mfu" vii. ~m -.. .. ['WT Ill- ~ 4) 3(ll') ~ 1'i! q•ffifi<Ot i. ~: '1~ioiillfl4/~~/3{U-~~ ii. q;iffq;,{OI: ~ (t'l<n) l/ll/ 111/!V/V/VI iii. cfil4~c-14 ifiT ~ I. ? :~ ~ '>l@iFG<'I <'l'rt'rnr II. "''mc-14 * ?:~ <ti ~ ~Tcfi" ~ ~ ~ ~ c'lTfrnr iii.lf4T ? :~ * lfiiu ~ ~ <f>t ~ ~ illm ~ cct ~ ~ .JITTm ~) ITT/.,ffe ~ ~ ct <f>RUT: -------- mt wi. m: ~ -~ ~ cmra. ~~~~ : 1. ~*~~i;m!t ~ ~ cfil~cfilfl ~ (~3fT) ~ (~ ~~~ ctiic/1\'I cl~ cl; ~ cl; ~ ~ ¥14'\'lcl~ ~ ~ cl; fftv ~ (mfi il"1R) 15 (ti'IJ.li<fi~JIT ~ ~ ~ f% ~ <filmc-14 <\;' ~ cti'r ~ ~ cf>t 3mm ~ ~ q;.:, ~ <f>"A" 2 ~ ""~ t) ftloi" m ~~ 1. ""'"'~ ifiT -Im" : 2(ifi). ~ ifiicOMcl all ~ ifiT fltlRvr i,qnf~1 16 THE GAZETTE OF INDIA : EXTRAORDINARY ii. qm ~ 2 ii_i.tfm ~ 3 iv.~/m:r~~ v.~ vi . .:m{~/7rfq vii. ~m 2('8) ~ ~. 4•1fifi<uf i. ~ : J-l{\lilalfl4/~~/3iU-~~ ii. iii. cfi Fzfi <-I 4 cfiT ~ iv. c; .. ~ "1>1d!Oli1I <\, ~ ~ v. ifil<ft<-14 ~ <fi'r n'Jirnr 3.~ftlR'ur i. ~~~.~~~ ii. ~ <f;'r . rrtnr iii. cfil<ft<-14 ~ ~ ~ fi:r,:r- ~fCfi J-lsc>r/qjtfi# ·: c:m ~ cf;'j- n'Jirnr - ~ iv. ~ ~ ~ ~ lnf;T ¢i ~ f :m m.1r (c'J $' <fi'r ~ ~) ~ .:itt. ill ~ ~ <5{ : ~ ,1, ill Jnt~ <f;'r r.rt'mr: ~~ <f;'r \;)W: v.~ ctTT ~ sn-~ <fi'r illfror: 3t "lt't '"1 cfi: 1. ~ ... ~~~ ((HIii« ~ 4,1,h,1t'I .JrftMut'I (~t) (.Jrtm) ~3f~~ ~=~~•l°tifiltml'tlif:t~ w-.rr cfiT ~ ~¥ 1 . II •Uifi Ji 4iT "11"f: tfim - tftifi-5 (~:~.r.r ~ ~ ~r) -- [PART Ill-SEC. 4) .. ['IWI III- ~ 4) I. ~ ~ 1 ii. ~~2 iii. ~~3 iv. ~tmT~m V • ~ vi. .;.R~/i!Tq vii. ~m 2(ll) "ftnif ifiT 4:,ffcfi{Uj i. J.lt'(lcr1a1:fi.zi/~~/Jm-~~ ii. c1afl<t,{UJ : '@'{" (tl<R} 1/11/lll/lV/V/VI iii. <ti I .Q~ <'I .Q q;T ~ v. 3. ~~ 11-":~ ~ 41@fh, ~ : ~.~~~ 3-lcri<'i Jcri<fi: ~ 1. ~~~~Wc't ~ <fil~<fil:fi JITT)q;rft (~3IT)m 3tcrl4l<'icrl JITT)q;rft (~3IT) ~ ~ ~ ~ ~ 3mm RT«ftir' ~ ~f-'cllltcfi 3ftt ftcfim wlftlifi{Ui, iftmt~. ~anr.r. 111ftt 1'TIT, )4<1414 - 500 004 m -YFft1ft-1 17 ~ $ qm- ~ tl1ticfia'1 ~ 1n«t' $ 1l1J{ ..a~f.)ftl / ~ ifil~iiicl ~ ;lt fi:tv ~ :;ltm-3f 1i1" ~ Ritu Rell cfi' ~~ . 1 oftm ~ q;f 1l{T iITT, 2 ~ q;f ~ 31n" c'fRRll 3 '!;!UT;, <film <'i .Q q;T ~ / "' lr "' .. ~IIT c- &j Cl) l ~ < 0.. >- ~ t !&<If it Ir & l i'li; I~ i 1" i tJ ~ ~ ;;,, j j ~ "' ·~ i ~ ~ ~ ii ·~ l i ~ i ~ - f * it 11; " ~ l ti ~ t r. ! l I i !! I ~ J ! .,, l i i t ~ i f - i N ! i [ .~ t I !' 6' id t i : ~ ~~~! t 4i11j.lj -~ ~ ! I it it "' t l~i. - i.li~ti.l~ l ! I ~ii J_ § ~ t~.witf 1tt1!~'" i ' ~~l.~ ti ~ i 1r.iwi 1 i~ 1 i.i 1 .. f ~,i11~1 r.i ~ g ~ i I !· ~ ~ f i ~ ~ -i ~ !i· I j t ~ I ~ ~ r i i ~ ~ ~ t~ ,! ~ ;1 !l!i t!il!~i~il!i tfi [ I i ; ~ . e Jg i [ 1s t ~ ~ :f(IHi I I ! ~ r " r.,' "' I ~ w . · 1 · · 1,fi IV I CT ~ , 1 i ~ ~ l 1 ~ t ~~ 1 ~ ; ti 1 ~ i ~ ~ 'hi 1 ~ t i i t t i i ~ i i I 1 ~ i i . ~lll,q-1191..- 1:::-1::l ~IN I<"'> 11. I..- INl<"'>l,q- l LO l w Itr i ..- IN l<"'>l-.:tlLOl<.0 IN> t ..- --.. .. i 19 • liwr.r M ai19'1ml ~"'1t.;w 1 ~ $ il~ffi4A 3fR" ~nffi4A 2 ~3cAfc);~~ 3 Rffif lR'lfiR (~ ~ ifmT ~/ :mct,,Prlcfi ~ $ ~ $ m ~ ~ ~""' ~ $ ~'\~ ..... ~ l;!Alfii'lo ~ 4 ~ ~T ~ \TIGi ~~f.?!41Acfi ~ .}i'""l,Jqf :;o:ra \TIGi - .) ~ liq" * ,t-q~f~. ~ ~ ~ 5 ~ ~T * ~/ffl cfil41<-14 ~ $ ~ t:R ~ $ fiw ~ ~ """J';_, .~~~.~~ Pf~ 4_(l'RT mt'('CIJT ~ ~ ~ : i) YR h mrr ~ ~ ~ ;;i1o1cfi1f1 ~ ~<fm ;); Jr.mR cm-afclcfi 3tt<" ~ ~: .) ii) ~ fflra $ ~ ~ cf.i~cfi<>tlq ~ ~ ~ .3 * ~ ~ c'fcfi' ~ ntit; iii) ~ .;lo1A,~o1 i;gr.=r ~ ;;irc:IT ~ . cTI' ~ ~ ~ fclf.?!J.IIJ.icfi 3tt<" ~ ~ ~ .) - fmnftn ~ .:rlii!cli~ ~ 3tt<" Uffi cfiT qrc;,., ~I (~ cfiCl'ifl' $ '1ntl.l cfil~cf.lfl ~ ~ ~ ~ ~ $ ~) -_;-. .) .) 3mllJ ~ 1ftm fllf:i;q1'1ifi 3it{ ~ Qlftll!i,(01, ~1ffitif. ~n.r ~ 1'T11', lcat◄l4 500 004 311PIH~Q3il. ali° 1fRf ~ 4'1>tiificfot1 4iT ~ ~ ~mn ifil<lliitq ~ * ~ ~ : $' ffi # liJf~ ffflvr Rim 11i. ~ ~ 1. ,q.,j,Hjcfi~ cfiT 1i'T .im 2. ~ cfiT ~ 3(R- Rrtra 3. cf.Hql~c: cfil~<-14 cfiT t@T 4. q-,?icf,,(01 ~ a-. ~,ffl~ lilt ffl1il' (~ ~ nRnl' 1A ~~ 1. ~rctit $ ;:nm 3fn' trat ~ ~ o1rr ~ ~ 3fn' 1;ftffi; ~cl~l4 ) ~ .. " 1d II ~ r-r77,,T-1---r-T111-rr-1---1rr-11_r___________ I i ~ < e:. ~ i ! !~ I& ~~1& ,. I ~ I .~ i ~ l, I I ! t 4, . ~ I! i ! t'i: I ~ fl .elf I It I ;ii~, ~ ~ I& ~~ ,N Fu*~ ~ ; t* Ii - II i !! !, i:1! " i ! ~ I ~ ~ I i I ~ I I 4, i J ~ i ' ~ ~ ~ i ~ ~ ( ~ I I ~ f ~ * ! i Ji l ? [ 1.J, & t •ri ~ i ; ! 1· ! . i ! ~ ! ! ! ! i t i i I f i ! I w: I i _ : i _ ! "'~ ;itlif i! illlll ,t:1c! i 16 ;tl!r.ir.t~i-~I~ I= ~. ! iii I ti i . iii iii~ ! J; m : ] t i 't I i ra f i ~ t, i ~ i l ! t f 4f 4f f ti i 4, .., ., .., .., .., .., j t .. ~ ! ~ ~ ! ~ 1 t i,1 i ! ! ! ! ! i fa ,, e'"' m ; l Ii,, e i I lllltl * ~ i ; I i I ~ Ii f i l f s CCC ~ ~ ~ ~ 0 N ,, c-.il<""il1; I,..: lc-.i · 1c-;l~linlcolr--:l00 Im li.il,..:lc-.i l<""il~lin . ['WI III-~ 4) 21 (ix) ~ ~ ~I I (x) ~~~~I (xi) ~ ~ ~ ~ 3'h- ffir.'f-tf:il ~ (xii) 11trn ~ 3ft-< o1 cflcfi,(U I ~ .3r.'l'Q'@) . ~ . (xiii) ~3fm~I (xiv) ~-Jmm ~ ~ ~ ~ ~, (xv)~~ c); ~ ~T: ~~~fit , .. (xvi) ~ ,mm)-cif ~ ilToTTf ~ ~ ~ m * 3ll" Fcrtu ~ 3ft mrr ~ ~ ~ ~ 3ncfl" ~ 3fm~ ~ ~ ~, 6. ~lrn'm ~~ - ~ ~ ~- 5 ~ f.rulfu:r ~~ ~ ~ qftn~ ~ cfiu ~ a"'~q"' tJftnm c); JITT.lR ~ ~I "JmJTcffctr' ~ ~mmt'r' t{_<TI-jJ-tl.il ~ .3fTtnfuf ~lrn'm ~~ 3ft ~Tmra ~ ~I ~ ~J-..iQ-~a ~ t{_<TiojJ-tl.il ~ ~ ~: (i) ~il"R q;r 3flqiT{f (ii)~cf;T~) (iii) ~ q;r ~ 3flqiR) (iv)~~,~~ c); · '@t, ~~ c); ~ ~ ~ c); '@ti (v) ~rmf.!fq; ~ ('1¢.tflh)ffi ~)I ~ (vi)~ f;rchr ~ ~I (vii)3ll" fcrtu ~ mrr ~Tmra ~ ~ ~ ~ ~~ tJftnm c); qfturrn ~ ~ ~, (viii) 3-loMl~a ~ ~ ~ ~ ~ ~ ~ ~~<);~ mc'f ~ Fcrtu1 7. <fm ~ "ffi"<fiR (~ ~ afim ~,<(-lta"'~"' ITT c); ~ c); ~ ~ 3fit ~fcli' ~ q;r 31o1'fi~o1 ~ ~ 7f<lT ~I ~ . ~~. ffi 3Cfc'f J1rtJ-t)~;;:n ~ c,jJ-ttfuia ~ c,j"@'(1' cfi't1 ~ ~ 8. ~lfcl~l!IJ-tcfi 3io1'fi~rl 3{tJ<TT ~ ~T ~ ~ ~ ~ * ~ • ~ . ~~ITT.~~ '§. ~~~~IQ 1. 3rl' ~ ~3TT cf;T ~ ~ 3{tft;;f JIJ-tlcfi~ :ffi ~-ffi i * i ~ ~ c); ifITT ~ cfilm~ll ~ cf;T 11@'1cf ~ ~ W i1 2. urorr <fit41~ll Cf;T ~ (~ ~r * :ffi<fiT ~ ~ ~ -n:rr i) 3. ~ ~T * ~rrorr <film~ll cf;T c,j@tfcla .:trn 4. ~ cfiT ~ )fit ~ I 5. ~ ~ ifilm~ll cfiT tf'ffi 6. q..,,"fcfi,(01 ~ ) ' I 22 THE GAZETTE OF INDIA: EXTRAORDINARY [PART Ill-SEC. 4) lf. iioc11Pla ftttr ~ ,m11 ltil~iil~ itiT ~1~~ 3ttt ~ 1. ~ c4fc@~ $ .nm ~ q""ffi ~ ~ ~ ~ $nr om- ~@lfcl<'I ~T ~ ~TraT ct,1~~4 cJ;T trulrr c4clfll4 2. ~~Qnl' 3. $nr 4. trulrr c4 a fl 14 5. ~T ~ Ul1lll ct,1~~4 $ ~ c1,14c1,1ft ~ cJ;T ~. QnT ~ ~ q;r ~ 6. ~ c1,l<lflk c1,1~~4 * ~ ~ ~ q;r ~. ~. QnT ~ ~q;r~~ ~r~ ~rrm c1,14~~4 ~ ~amo1"1 $ fmr ~#141{ i 1J. ~ ~ .iilil~ltll z;@1~;;i 1. ~ $ ilft~41TI ~ 3'<'1~41TI cf;'r ~ 2. ~3~~.);~fctcRur 3. rn ~ (~ ~ iftm ~ ~ flFfa,~q; ITT * ~ * m *) ~ ~(q, ~ * ~ ~ ~'11~" ~ 4. ~ ~r t ~ mcm'llfcl'~41'1if; ~ 3l'tfqf ~ ~ ~~*~~~ C. 5. ~ ~r * ~rrm q;14~~4 ~ $ ~ q"{ ~ * fmr ~ ~~.~~~.·~IDa 6. rn * ~ c1,1~~4 ~ * ~ * m ~ ~ 3l'tfqf ~ Jmn~ qi)- ~'1lfu'l<'I ~ ~ ~ ~ 4@1~;,t pr~~~~~t~: i) 3i"CR ~ mrr fctcRur prrft" ~ ;,i1a1c1,1ft ~ fincfra * 3r.Jffit a1@fclc1, ~ ~ ~; ii) pr rn * ~ ~ c1,14c1,~1q 3i"CR ~ ~- u-(4) q"{ ~ ~ c;<fl ~ ~; iii) ~ Jia1'1~4a1 ~ ~ -araT i <'IT pr ~ iftm Fcl~41J.1ct, ~ facm:r ~ 4Qffi ~ - ~ ~ ;,fl~cll~ ~~~rm q;r ~ ct,'tJT, (~ ~ $ ~ c1,14c1,1fl ~ 3l'tfqf ~ ~ ~ $ . ~) ~ ~ ~ Pf, ~.· ~<'.Q~.SOl'f-~ct, ~ ~ ~ t ~ ~ ~ ~ 3ITT" t ~ ~ -q;n:t * ~ ~ ~ cli@Fclct, ~ cf1n qJ1a1111a1 ~ ~ 4fctc:l.fi"lct URUTT31T q"{ 3ITTllftc=r ti ... ~ ~ ,,, ... l I I .. ['IWl III-~ 4] \lffif ~ ~ : amt~ 23 (~ ~ * ~ qij~qijfl ~ ~ ~ ~ ~ * ~) .,Y.,: ~: ~: ~: ~.'Q'lf'. ~.~ [fa :n1qcr1-lll/4/3rn1UR'OT/161/15(141 )] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 15th July, 2015 Insurance Regulatory and DevelopmeBt Authority of India (Places of Business) Regulations, 2015 F. No. IRDAI/Reg/9/99/2015.-ln exercise of the powers conferred by Section 64VC read with Section I 14A (2) (zac) of the Insurance Act, 1938 and Section 18(4) of Life Insurance Corporation Act, I 956 as amended from time to time, the Authority in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely:- !. Short title and commencement: (i) These regulations shall be called the Insurance Regulatory and Development Authority of India (Places of Business) Regulations, 2015. (ii) They shall come into force on the date of their publication in the Official Gazette and supersede IRDA (Places of Business) Regulations; 2013 from such date. · 2. Definitions - (i) Unless the context otherwise requires, - (a) "Act" means the Insurance Act, 1938 (4 of 1938). (b) "Authority" means the Insurance Regulatory and Development Authority of India established under sub- section (I) of Section 3 of Insurance Regulatory and Development Authority Act, 1999; (c) "Place of Business" means, a regional office, a zonal office, a divisional office, branch office or any subordinate office or any other office by whatever name called set up within India or a 'representative or a liaison office of Indian Insurers' or a • Foreign Branch Office of Indian Insurer' set up outside India by the Insurers registered in India; (d) A "Representative or a Liaison Office" would mean a place of business of Indian Insurers outside India to act as a channel of communication with the Principal place of business or Head Office by whatever name called and entities in India but which does not undertake any commercial or trading or industrial activity, directly or indirectly, and maintains itself out of inward remittances received from abroad i through normal banking channel. (e) "Foreign Branch Office" shall mean a 'branch office' of the Indian Insurers set up outside India which means (a) any establishment described as a branch by the company; or (b) any establishment carrying on i either the same or substantially the same activity as that carried on by the Head Office of the company. (f) "Return" means the returns specified under these regulations; (ii) Words and expressions used and not defined in these regulations but defined in the lnsuran\:e Act, 1938 (4 of 1938), or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), or Insurance Regulatory and Development Authority Act, J 999shall have the meanings respectively assigned to them in those Acts or the rules and regulations made there under, as the case may be. 24 THE GAZETTE OF INDIA: EXTRAORDINARY [PART Ill-SEC. 4] (3) Subject to these Regulations, every Insurer shall take the prior approval of the Authority before opening any place of business, be it inside India or outside India. EXPLANATION: These Regulations are not applicable to a branch established in India by a foreign company for doing reinsurance business as defined in Section 2 (9) (d) of the Act. SECTION- I NORMS FOR PLACES OF BUSINESS WITHIN IND/A OPENING OF PLACES OF BUSINESS WITHIN IND/A (4) All the Insurers shall have in place the Board approved Annual Business Plan for every Financial Year. The Annual Business Plan, in addition to the business plans of the Insurer, shall contain the total number of new places of business proposed to be opened within India not only in the urban centers but also in semi-urban and rural centers. (5) The Annual Business Plan shall specifically contain the names of places of business proposed to be opened within India, other than those places of business referred at Regulation 7 (ii), during the ensuing Financial Year for which an approval of the Authority is required in accordance with these Regulations. (6) Every insurer shall submit their respective Board approved Annual Business Plan for the Financial Year April - March before the end of its first Quarter, that is, by June 30th of the same financial year to the Authority. (7) (i) While considering applications for approving the new places of business proposed to be opened within India in accordance with these Regulations, the Authority considers according aggregate approvals on an annual basis, _through a consultative and interactive process. a.The Authority after considering the places of Business specified in the Annual Business Plan may grant or deny approval for opening a place of business. b.ln the event of denial of approval by the Authority for opening any new places of business, the insurer may seek a review of the decision after three months bringing in valid reasons for reconsideration of the same. c.lnsurers are also permitted to file the Board approved incremental or modified Business Plans during the course of Financial Year for incorporating new places of business or for modifying the places of business proposed in the Ann~I Business Plan. ii. Notwithstanding anything contained in Regulation 7(i), all the Insurers that fulfill the following conditions are permitted to open places of business within India without prior approval of the Authority, in the centers or places or locations where the population is less than one lakh as per the latest decennial census classification available and inform the Authority in accordance with Regulation 16 of the,e Regulations. a. Minimum Solvency Ratio is as prescribed by the Auth_ority in the preceding Financial Year. b. Expenses of Management are within the norms prescribed by the Authority in the preceding Financial Year. (8) Proposals for opening places of business referred at Regulation 7 (i) shall be submitted in Form - PB I of Schedule - I of these regulations along with the copy of Board approved Annual Business Plan or Modified Annual Business Plan. Statement of Solvency Ratios and details of Expenses of Management for the preceding three Financial Years shall be also furnished. (9) While submitting the proposals for opening new places of business referred at Regulation 7 (i) and while opening places of business referred at Regulation 7 (ii), all the insurers shall keep in view the long-term nature of insurance business that warrants the continuous presence in the new places of business throughout and shall avoid opening new places of business for shorter durations. (IO) New places of business proposed at Regulation 7 (i) and approved by the Authority shall be opened within a period of one year from the date of approval of the Authority. a. After the expiry of the time limit, the approval of the Authority stands lapsed. b. Insurers may incorporate those places of business that could not be opened within the stipulated time prescribed at Regulation IO in subsequent Annual Business Plans. (11) All places of business, not being specialized places where back-end operations are proposed with no customer interface, such as Zonal Offices, Regional Offices or Back-Up Centers etc. opened shall at minimum offer policy holders' services such as collection of premiums, proposal deposits or attending policy service requests. [~ lll-~4] 25 CLOSURE OR RELOCATION OF PLACES OF BUSINESS WITHIN·INDIA (12) (i) Closure or relocation of the places of business within India by the Insurers shall be after due consideration of all the factors, including the possible inconvenience to its policyholders. All the Insurers shall comply with the following while closing or relocating the places of business. a. Closure of any place of business or relocation of any place of business, shall be approved in advance either by the respective Boards of Insurers or by the Board appointed Policyholders' Protection Committee if the Board of the insurer allows such delegation. Where the approval referred herein is delegated by the Board to the Board appointed subordinate committee, the minutes of the meetings of the subordinate committee shall be placed before the Board in the immediate next meeting. b. C. Relocation or change of any place of business, otherwise than within the same city, town or village shall be subject to the prior approval of the Authority and every Insurer shall submit the proposal of such relocation or change to the Authority's consideration in Form PB - 3 as and when required. Minimum of two months advance notice on all the proposed relocations or the closures, whether within the same city, town or village or otherwise, shall be given to the policyhc!de~~· servicPd by that place of business along wi~h ,;,c information un a!t::mate arrangements being made to provide services to them. d. The Authority shall be notified two months in advance about the proposal of the closure of place of business. (ii} The conditions on Closure of places of business and relocation uf places of business siipuiated at Regulation !2 (i) (a) and (c) are also applicable to the places of business opened by the insu;ers in accordance to Regulation 7 (ii). (iii) Where it has come to the notice of the Authority that the decision to open or close or relocate, or the action of opening or closure or relocation; of a place of business is not in accordanc~ with these regulations, the Authority may direct the Insurer to take such action or the Authority may take such action as deemed fit taking in to consideration the circumstances oftht: case. RETURNS TO BE FURNISHED TO THE AUTHORITY (13) Closure of all places of business shall be reported to the Authority as a Return in Form - PB 4 of Schedule - I ofthese .Regulations, within IS days of the following month of such closure. (I 4) The details ofall the relocations (i.e. new address, date of shifting etc.) of places of business shall be reported to the Authority as a Return in Form - PB 5 of Schedule - I of these Regulations, within 15 days of the following month of such relocation. ( J 5) A consolidated annual statistics shall be filed as a Return in Form - PB 2 referred at Schedule - I of these Regulations, within30 days of the closure of every Financial Year. (16) Insurers shall submit to the Authority the information on the places of business opened within India along with date of opening of the new place of business as a return in Form - PB 2 within 15 days of the following month in which a place of business is opened. (17) The Authority may call for any further Statistics and Data related to these Regulations in the manner and format as may be prescribed under these regulations from time to time. SECTION- II NORMS FOR PLACES OF BUSINESS OUTSIDE IND/A ( I 8) An Insurer registered with Insurance Regulatory and Development Authority of India may open a 'Foreign Branch Office' or a ' Representative or a Lillison Office' outside India subject to prior approval granted by the Authority. {I 9) Opening of 'a Representative or a -Liaison Office' or a 'Foreign Branch Office' by Insurer shall be s(ieject to obtaining the approval or an in-principle clearance from the regulator of the host country where such o~ce is proposed to be opened. NORMS FOR OPENING A LIAISON OFFICE OR A REPRESENTATIVE OFFICE (20) Insurers meeting the following norms, desirous ofopening a representative or a liaison office outside India shall apply to the Authority in Form FPB - I of Schedule - I. a) Insurer shall maintain the solvency norms prescribed by the Authority in the preceding Financial Year. 26 THE GAZETTE OF INDIA: EXTRAORDINARY [PART Ill-SEC. 4] b) Insurer shall have a satisfactory track record on market conduct, regulatory compliances, redress of complaints, etc. and that there are no serious adverse observations on the functioning of the company in the records of the Authority. ACTIVITIES ALLOWED BY A REPRESENTATIVE OR A LIAISON OFFICE (21) . The representative or a liaison office opened outside India is permitted to carry out the following activities. a. Through the representative or liaison office, the Insurers can undertake development and promotional activities such as gathering financial, economic and commercial information, educating prospects about advantages of insurance, carrying out promotional activities and promoting company's products amongst the people, customer service activities, identifying prospects living in the host country, acting as a channel of communication with the Corporate Office situated in India, conducting seminars, educating prospects of the various insurance avenues, etc. b. The permission to continue the functioning of the representative or liaison office by the insurers C. d. e. g. h. i. j . registered with Authority shall be subject to the terms and conditions as may be stipulated by the Authority from time to time. Liaison with ioreign r>roKm, re-insu,.:., .. for cecii,ig,1~~ceptance of reinsurances. Activities that support formalizing treaties. Liaison with Surveyors/ Risk assessors. Activities that support p;ocessing of claims pertaining to risks in a fo;eign country. Sharing of expertise with respect to the underwriting practices and knowiedge. Sharing of busint:Ss infom,ation related lo in:surdnce market. Conduct of research or related activity. Other activities incidental to the above.(to be specified in FPB- I) (22) The Insurers can arrange to identify the prospects amongst non-resident Indians through the representative or liaison offices but, the accepiance of the proposai and underwriting of risks shall be done only in India. Consequently the policies to be issued shall be designated only in Indian rupees. (23) The Insurer shall continue to comply with the Foreign Exchange Management Act, 1999 and any other law in force governing the operations of such offices. (24) The representative or liaison office should not contract any liability outside India. (25) No agent would be permitted to be engaged by the Representative or Liaison Office and ·therefore no commission in whatever form shall be paid. REPORTS TO BE FURNISHED TO THE AUTHORITYBY THE REPRESENTATIVE OFFICE OR A LIAISON OFFICE (26) The Insurers shall furnish information to the Authority on the business mobilized through the representative or a liaison office, expenditure incurred, details of complaints received and redressed. The reports shall be submitted on an annual basis within a period of 60 days from the end of every Financial Year. (27) At the. close of financial year, an Annual Report giving full details of the activities undertaken, expenditure incurred, etc. should be submitted to the Authority by the Insurer within a period of 60 days from the end of every Financial Year. The Annual Report should also furnish the statement of the expenditure incurred at the Representative Officeor Liaison Office outside India together with the Indian operation and specify whether or not the expenses of management are well within the extant limits specified by the Authority. NORMS FOR OPENING A FOREIGN BRANCH OFFICE (28) The Insurer desiring to open a foreign branch office to carry on life insurance or general insurance or health insurance or reinsurance business shall make an application to the Authority in Form FPB - 2 of Scheduled - I alocg with the following infor:mation: i) The regulatory architecture along-with the reporting, compliance and other requirements necessary for the establishment and conduct of insurance business of the jurisdiction where a foreign branch office is proposed to be set up. ii) The expenses involved in establishing such a foreign branch office and the financial burden it will cast on the Insurer. (29) The Insurer registered with the Authority may be permitted to open a Foreign Branch Office outside India to carry on the following classes of insurance business: .. 27 a. Life insurance business b. General insurance business c. Health insurance business d. Reinsurance business Provided the Insurer shall seek approval of the Authority to open a Foreign Branch Office outside India for which the Insurer has been granted the certificate of registration by the Authority. ELIGIBILITY CRITERIA OF INSURERS FOR 0PENING A FOREIGN BRANCH OFFICE (30) The Insurers registered with the Authority seeking to set-up foreign branch office outside India shall comply with the following norms: a. The Insurer should have been in operations for at least 3 years. The number of years of operations shall be reckoned from the date of issuance ofR3. b. The Insurers should have the following financials in the preceding financial year: i) Net worth for Life Insurance Companies - Rs.500Crores. ii) Net worth for General Insurance Companies and Health Insurance Companies iii) Net worth for Reinsurance Companies iv) Solvency for life insurance, General insurance, Health insurance and reinsurance companies v) Profit for life insurance, General Insurance, Health Insurance and reinsurance companies - Rs.250Crores. - Rs. 750Crores. - As prescribed by the Authority - For 3 years out of the last 5 years c. Where the Insurer is closely held, the Board Resolution in support of the commitment to support the operations of the foreign branch office shall be furnished. Where the same is widely held, a resolution of the shareholders to support the operations of the foreign branch office shall be furnished. d. The registered Insurer should not suffer from any adverse report of the Authority on its track record of regulatory compliances, for 3 years out of the preceding 5 years from the date of application. e. Any other requirement that may be sought by the Authority based on the application submitted by the Insurer. TERMS AND CONDITIONS GOVERNING THE APPROVAL OF THE FOREIGN BRANCH OFFICE (31) The approval to open a foreign branch office of the Insurers shall be subject to the following terms and conditions: a) Initial and further augmentation of capital and liabilities of the Foreign Branch Office shall be met out of the Insurer's Shareholders' funds beyond solvency margin requirement. b) Compliance with Foreign Exchange Management Act, 1999 and any other law in force governing the operations of such offices outside India. c) Compliance with host country's solvency requirements. d) The Insurer shall file a copy of the license or the certificate of registration upon receipt of the same from the host country. e) The Insurer shall immediately report to the Authority any regulatory or supervisory action taken by the host country regulator with full details along with the penalties imposed and other administrative actions, if any,and the remedial steps taken thereafter. f) Any adverse report or findings shall be communicated to the Authority as soon as it is observed. g) The Authority may impose any other terms and conditions while granting the approval for opening the foreign branch office outside India. Ill. 28 THE GAZETTE OF INDIA : EXTRAORDINARY [PART Ill-SEC. 4) OPERATIONAL REQUIREMENTS FOR FOREIGN BRANCH OFFICE (32) The Board of the Insurer shall approve, inter alia, the following operational matters for establishment and conducting business of the fbreign branch office in the host country:- I. Delegation of underwriting authority: a. Insurers at the beginning of every financial year shall review the underwriting limits delegated to each foreign branch office opened outside India and depending upon the linancial net-worth. exposures, business plan, etc have the limits approved by the Board of Directors and filed" ith the Authority within a period of60 days from the end of preceding Financial Year. U d' : . I n erwnhng ssues: a. Insurers are advised to formulate an 'Underwriting Policy' specially formulated for each of their foreign oranch offices duly approved by the Board of Directors. Insurers should also consider formulating country specific policies. which need to be approved by their Board. The Insurer~ shall ensure that the design and rating of products is on sound and prudent underwriting basis. The. contingc111:ies insured u11der the product should be clear and provide transparent cover which is of value to the insured. b. Comprehensive 'Underwriting Manual' to be followed by the foreign branches in rcspcct to different ._aspects of its underwriting ROrtfol io, should be prescribed by the Insurer. The Insurer shall have in place t!Je procedures to oversee that the foreign branch office complies with the observance of the manual at all levels. The Insurers should have a mechanism to review the delegated pO\\Crs uf functionaries at the foreign branch offices as regards adequacy of such powers to meet market upportunities and timely , business response needs. Investment Management: a. The Insurers should formulate an " Investment Policy" ,to suit the scale, nature and area of operations of ., ,the ,.foreign branch offices apart from business considerations and submit the ~ame before its Board of Directors for its approval. In framing such a policy, the issues relating to compliance with ·host ,L · regulator's requirements, liquidity, prudential norms, ~xposure lin,its. stop loss lin1it ii1 secunt1es 'J:I• r, trading, management of all investment & market risks. management of as~et~ liabilities mismatch. inwestment audits and investment statistics, etc. shall be addressed. iv. Risk Mana)?ement: _.,_ a. The Insurers should be compliant to risk management norms to meet the regulatory requirements of the host supervisor/regulator. · v. Reinsui'arice: a. The Insurers shall pl~ce before the B9ard of pi rectors details of reinsurance arrangements proposed for 1ne'foreign branch offices to take care of the exposures that arise on account of the underwriting of risks taken in those countries: This should cover details of structure of reinsurance programme covering both proportional and non-proportional arrangements, net retentions, obligatory sessions, if any, classes :., . , covered by reinsurance arrangements, ext<rnt of catastrophe covers, security of rein~ers, placement of reinsurance cessions, reinsurance recoveries, outstanding loss p~~visions, ~t~. . . ' ~ . Supe.rvi~jon and Conti:ol by the J nsurer: r'' a. The Insurer should ·review and revise all controls aod,returns. induding the system o f periodical reviews submitted by the foreign branc~ off!c~s to their Head Office or Corpor<;1te Office, as tpe case may be, to ensure effective supervision and to monitor their continued viability: Th'e findings of the inspection or audit or scrutiny and compliance reports submitted by the foreign branch offices should ~di •noit w· '..r'·be placed befqre the Audit Committee of the Board ofthe· lrisurer at half-yearly intervals, b. The Insurer should also have in place the systems and checks to ensure that delegated powers are !00ri ,r11 {" ,.;.H;• :execdsed ,prud~tly and judicjously by the authorised officials and, h~ 'no adyers.e fallout on the ·11 .~noll.Jf. :,11J1; ;;par.crltoffice, ,, ·• ~ ,_ • , c. The Insurer sliould also review the delegated powers of the1 fun'ctibnaries at the foreign branch 1,~t'bffiee&lts,regards adequacy of such poWers to meet local pblicyholder's expectations . . -.:ii., 1! !>Actuarial Issues:- , · a. The Insurer may utilize the services of its Appointed Actuary for overseeing the vaiuation of liabilities, investment performance, solvency margin ratio, design and pricing of insurance products, creation of reserves for outstanding claims and any other matter which the Board of Directors deem fit. ... ['WT Ill-~ 4) 'qffi'lcfil~ :3lm~ 29 viii. Claims Settlement Issues: (33) (34) a. The Insurer should have a comprehensive "Claims Manual" which prescribes the manner in which the claims in respect of its fo•c:ign branch office shall be processed. documentation, delegation of authority, policyholders servicing, grievance redressal, etc. The Board of Directors of Insurer is responsible for monitoring the functioning of the operations, financial statements and business performance of the foreign branch office at regular intervals and shall immediately report to the Authority any events or developments which can impair the functioning of the foreign branch office. REPORTING REQUIREMENTS TO THE AUTHORITY The Insurer shall file the following reports of the foreign branches to the Authority:- I, ii. Financial reporting a. Audited Annual Report giving full details of activities undertaken including premium underwritten, claims incurred, expenses of management, commission, investment income, profits, technical reserves, outstanding recoveries, etc in the form specified in Authority's concerned accounting regulations as modified from time to time within the time lines specified therein. b. Investment of funds, returns on investment, NPAs, etc in the formats specified by the Authority's concerned investment regulations as modified from time to time within the time lines specified therein. c. Report of the Appointed Actuary on the valuation of assets, liabilities and solvency margin of the foreign branch office. Business Reporting a. On quarterly basis, the Insurer shall report the business mobilized through the branch office, expenses -incurred, claims performance, ageing of claims, details of complaints received and redressed, service standards, distribution channels utilized, etc. in the formats specified by the Authority. b. Reinsurance arrangements iii. Others a. The Insurer shall immediately report to the Authority any cegulatory or supervisory action taken by the host country regulator with full details and the penalty, any administrative action, if any imposed and the remedial steps taken. ' - _ · b. The Authority may call for any other return on the foreign branch office operations as deemed necessary. (35) The Insurer shall immediately inform the Authority any adverse findings on the foreign branch office operations that are to its notice during the course of its monitoring or during the course of the review of the reports referred under these Regulations. SOURCES OF MEETING THE CAPITAL REQUIREMENTS OF THE FOREIGN BRANCH OFFICE SET UP BY INDIA~ INS{)R~l_{S , ,. ~ ,.. ',; . (36) (i) The Insurer shall have in place appropriate arrangements to ensure that the policyholde(s Jiabilities that arise out of foreign operations are adequately ring-fenced in order to protect the. Indian policyholder. (ii) Wherever the Insurer's foreign qranch office operationsiesult or likely results i~to a ·loss, then additional capital requirements for meeting the losses or for meeting the capital or othef regulatory requirements; shall be contributed out of the Shareholders' funds beyond solvency margin requirement· of the Insurer and no contributions from the policyholders' funds shall be utilized to meet the Fapital requirement of the foreign branch office. F.URTHER POWERS OF THE AUTHORITY :, , (37) (i) The Authority reserves the right to call, inspect or investigate any document, re~ord or communication pertaining to the foreign· branch office set up by the Insurer. The' Insurer shall furnish sllch ·requirements within the timelines specified therein. (ii) Notwithstanding the above, where the Authority is of the opinion that the.operations of a foreign branch office are not in the interests of the Insurer, the Authority reserves the ~ight to d[rec!_ the Insurer to close the said foreign operations or to completely divest its stake in the said foreign branch office after giving an adequate opportunity of being heard to the Insurer. '' \ II ilr,.111, ~ ' J ()I f"I 1 • ) :, i:'J ,H, 'li r 1 , •. ,•. •.0 1n-.>q1,, ·1 :,i,11 m_q '· --~ t , ;!J o~ •ryf, , "J1Jr,., .• · am wuH 30 THE GAZETTE OF INDIA: EXTRAORDINARY [PART Ill-SEC. 4] RETURNS TO BE FURNISHED TO THE AUTHOR~TY (38) The capital infused into the foreign Branch Office of the Insurer as at the end of the preceding Financial Year and the projected capital infusions for the follo~ing Financial Year shall be reported to the Authority in the first quarter of every financial year that is before June 30th of the Financial Year. (i) Notwithstanding the above provisions. the capital infused into the foreign branch office set up outside India at any time and the funds of any nature transferred into the operations of the foreign branch office set up outside India for any purposes at any time shall be reported to the Authority within I 5days of such trafJ:ffer. (39) The Authority may also reserve the right to consider prescribing in future such other returns on the foreign branch office's operations that may be filed by the Insurer with the Authority within such time lines as may be specified therein. POWER TO ISSUE CLARIFICATIONS (40) In order to remove difficulties in respect of the application or interpretation of any of the provisions of these regulations, the Chairperson of the Authority may issue appropriate clarifications or guidelines as and when required. SCHEDULE-I Form PB - I / Form PB-2 APPLICATION FORM FOR NEW OFFICE OPENING / Form for intimation of Opening of a Place of Business Insurer who seeks to open new office will have to fill up the form, same form to be filed in case of new office opening which requires prior approval of the Authority or intimation to the Authority. I. Name oflnsurer : Type of filing: Reason for Reconsideration of the application (if applicable) 2. Proposed Office Location Details Address••: __ State /,UT*:_ District•:_ City/fown/Village•: __ Pin Code••: - / (*Mandatory while filing application for opening a place of business and ••Mandatory while intimating after opening of the place of business) 3{a) Classification of Location . (i) Location: Metro/Urban/Semi-Urban(ii) Classification: Tier 1/11/III/IV/V/VI (iii) Type of Office: (iv) Classification as per Census (Year): (v) Population_ as per census (Year) __ 3(b) Solvency Margin & Expenses of Management (i) Expenses of Management for three years (as on) (ii) Solvency Margin for three years (As on) 3 (c) Other Details: (i) Distinctive Code: (ii) Date of office Opening: 4. Application Submission Detai}s i. Date of submission of application (if applicable) ii. How many previously approved offices are pending for opening with the insurer? .. ( t - [ \:fill III-~ 4] 31 iii. Whether the insurer complied with the prescribed ceiling on expenses of management during the previous financial year? iv. v. Whether the insurer complied with prescribed solvency norms during the previous financial yea~? Proposed total capital expenditure involved in opening of the new office vi. Whether the office would be connected to the insurer's IT network vii. Whether issue of online premium receipts is planned for the proposed offices viii. If connectivity is not provided, what alternative servicing arrangements have been made and what is the distance of the proposed office from the nearest supporting office. ix. Date of approval for opening c.;f offices by the Board of Directors x. Functions proposed to be handled at the proposed office ( Please mention yes/no) a Sales Support b Premium Collection c. New Business d. Policy Servicing e. Investment f. Corporate Functions g. Others (to Specify) h. Back end office with no customer interface : S. Expected Business Year No. of New Policies Year 1 Year2 Year3 6. Proposed Manpower [ Designation Enclosures: 1. Copy of Board approved Annual Business Plan 2. Statement of Solvency Ratio for 3 FYs 3. Statement of Expense~ of Management for 3 FYs Signature of CEO OR Signr.ture of Chief Compliance Offirer Premium income from new business No. of Employees # For the purpose of these fom1s Metropolitan Centre is a place wht·!·e population is ! 0 lac~ and above and Urban Center with a population of I la<.. to 9,99,999, semi Urban from I 0,000 to 99,999 population figures to be reckoned as per the latest wailaole decennial census data. Fe.rm PB-3 REQIJEST FOR APPROVAL FOR RELOCATION OF OFFICES Reql•est for '\pproval for relocation of offices (other than for relocr.tion within the same city, ,own or village (for all type of cities) Pin Codel State D;strict City 32 THE GAZETTE OF INDIA: EXTRAORDI ARY Distinctive Code I . Name of Insurer: 2 (a) Location details of existing office Address line I 11. Address line 2 iii. Address Line 3 iv. State/ UT v. District v1. Cityffown/Village vii. Pin Code 2 (b) Classification of Location . i. Location: Metro/Urban/Semi-Urban ii. Classification: Tier 1/11/111/IV/V/VI iii. Type of Office iv. Classification as per census (year) v. Date of office opening vi. Population_ as per census (Year) __ 3(a). Details of new office location i. Address line I II. Addre~s line 2 111. Address Line 3 iv. State:UT \ . District Vi. City/Town/Village v1·. Pin Code 3 (b) Classification of Location 1. Location : Metro/Urban/Semi-Urban ;1. Classi fication: Tier 1/11/111/IV/V/VI 111 Type of Office: 1v Cla.,sitication as per census (year) 4. Other details 1. Proposed date of Relo.:ation 11. Date of approval by the Board of Directors for relocating ofoffice 111. Notified to the policyholders on relocation? (Two months prior notice) Yes/No If No Reasons: If Yes: Mode cr?-.:ott!ication: Encl,lsure·, I. Cop~ of •l,..: Board Resolution Signe-<.! by CEO (or) Chit:f Compl!ance Officer ------ [PART IH~ SEC. 4) I ['WT Ill-~ 4] 'ITIUf cj;'J ~ ; 3Rllmrul Form - PB-4 INTIMATION FOR CLOSURE OF OFFICES Intimation of Closure of offices (all cities) (Insurers are required to notify the closure of office at least 2 months in advance to the Authority) Pin Code! State District City Distinctive Code I. Name of Insurer: 2(a). Location details of existing office i ,. Address line I 11. Address line 2 iii. Address Line 3 iv. State/UT v. District vi. Cityffown/Village vii. Pin Code 2 (b) Classification of Location 1. Location (Metro/Urban/Semi-Urban) ii. Classification (Tier I to Tier VI) iii. Type of Office iv. Classification as pt:r census v. Date ofoffice opening 3. Other details i. Unique Id Number, if any ii Date of clo5ure iii Date of approval by the Board of Directors/PPC for closing of office iv. Notified to the policyholders on closure (two months prior notice) If No, specify the reasons: If Yes, Date of Notification: Mode of Notification: v. Notified to the Authority on _ _ Enclosures: I. Copy of the Board Resolution (Mandatory) Signed by CEO (or) Chief Compliance Officer FORM- PB-5 (INTIMATION AFTER RELOCATION) Intimation of relocated office Type of Intimation Distinctive Code 33 34 THE GAZETTE OF INDIA : EXTRAORDINARY I. 2(a). Name of Insurer: Location details of existing office i. Address line I ii. Address line 2 iii. Address Line 3 iv. State/UT V. District vi. City/fown/Village vii. Pin Code 2 (b) Classification of Location i. Location: Metro / Urban·/ Semi Urban ii. Classification: Tier 1/II/III/IVNNI iii. Type of Office iv. Classification as per census (Year) v. Date of office opening 3. Other details Actual Date of Relocation: Remarks, if any Enclosures: I. Copy of the Board Resolution Signature of CEO/CCO The Chairman FORM- FPB-1 Insurance Regulatory and Development Authority of India, 3rd Floor, Parisrama Bhav1rn, Basheer Bagh, Hyderabad 500 004 [PART Ill- SEC. 4) Re: Application for opening of a representative/ liaison office outside India by Insurer registered with IRDAI S. No. Particulars Details A General Information I Full Name of the Insurance Company 2 Place and Date of Incorporation 3 Address of Head Office 4 Registration No. B Ownership & Management I List of names and addresses of directors and their qualifications and principal business i) Name & Address ii) Qua Ii fications iii) Principal Business 2 Name, Address and contact details of Chief Executive Officer or Principal Officer of the proposed representative or liaison office 3 Name, designation, address and contact details of Key Person at Head Quarters who will be responsible for overseeing the company's representative/ liaison office outside India C Details of proposed representative/ liaison office outside India r .. \lTm <fil ~ : am!~ 35 I Location 2 Purpose of opening the representative/ liaison office 3 Activities proposed to be undertaken (Refer Regulation 21) 4 Estimated annual expenses and sources and manner of meeting these expenses 5 Whether approval of the Government of India (in respect of LIC/ PSU 's only) and Board of Directors has been taken. If so, submit certified copies of necessary approvals. 6 Copies of Government/ Regulatory approval or in-principle clearance from host country D Financial Position of the Insurance Company in the preceding three Financial Years I Details of capital: (i) Paid-up capital: (ii) Free Reserves as per last audited Balance Sheet 2 Highlights of financial position of the Insurer based on last three years financial statements 3 Solvency Margin Ratio 4 Management Expense Ratio for last 3 years 5 Combined Ratio for last 3 years 6 Has Government of India or any Regulatory body taken any action or imposed any penalty, fine, etc on the Insurer. lfso, the details thereof. E Supervisory Arrangements I Details of supervisory arrangements to which the Insurer will be subject to in the jurisdiction where it is proposing to open a representative/ liaison office. F Documents to be enclosed I Copies of Memorandum and Articles of Association 2 Last 3 years financial statements 3 Certified copies of approval of the Government of India (in respect of LIC/ PSU's only) and Board of Directors 4 Copies of Government/ Regulatory approval from host country or in- principle clearance received from them, if any 5 Copy of research unoertaken, if any, to arrive at a decision for opening a representative/ liaison office in the host country We hereby declare that: (i) The particulars given above are true and correct to the best of our knowledge and belief; (ii) We shall confine our activities outside India to the fields indicated in column C.3 above; (iii) We will abide by the terms and conditions that may be stipulated by Insurance Regulatory and Development Authority of India, if approval is given. (Signature of Chief Executive Officer Or Chief Compliance Officer of the Applicant Company) Name: Designation: Place: Date: / 36 l'HE GAZETTE OF INDIA : EXTRAORDINARY Form FPB-2 The Chairman Insurance Regulatory and Development Authority of India 3rd Floor, Parisrama Bhavan Basheer Bagh Hyderabad 500 004 Re: Aoolication for openine. of a foreie.n branch office of Insurers re2istered wit A . h IRD I SI. No. Particulars Details A. General Information I. Full Name of the Insurer 2. Place and Date of Incorporation 3. Address of Corporate Office 4. Registration No. B Ownership & Management (as on date of application) I. List of names and addresses of Directors and their qualifications and principal business (i) Name & Address (ii) Qua( i fications (iii) Principal Business 2. Name, Address and contact details of Chief Executive Officer 3. Details of shareholders holding more than 5% of the share capitar C Financial Position of the Insurer (as on date of application) I. Details of capital: (i) Paid-up capital: (ii) Free Reserves as per last audited Balance Sheet 2. Highlights of financial position of the Insurer based on last three years financial statements 3. Net worth for the preceding 3 Financial Years 4. Profits for the preceding 5 years 5. Solvency Margin Ratio of the preceding 3 Financial Years 6. Management Expense Ratio for preceding 3 Financial Years 7. Com_bined Ratio for preceding 3 Financial Years 8. Shareholders Fund beyond solvency margin requirement for the preceding 3 Financial Years 9. Has Government of India or any Regulatory body taken any action or imposed any penalty, fine, etc on the Insurer, during the preceding 3 Financial Years. If so, the details thereof. D. Details of proposed office outside India I. Location 2. Name, Address and contact details of Chief Executive Officer of the proposed branch office outside India 3. Purpose of opening the office outside India 4. Class of insurance business proposed to be underwritten 5. Submit detailed Financial Projections - A description of the model used for financial projections should be provided, based on assumptions, for a period of 5 years, for each year from the beginning. These should set out the following: (i) Size of sales force. (ii) Amount of sales. (iii) Size of sales support and administrative staff. [PART Ill-SEC. 4] ["WI Ill-~ 4) \lffif cfiT ~ ; 3lmUl"{Ul 37 (iv) Premium income. (v) Investment income. (vi) Commissions and other sales related expenses. (vii) Expenses of administration. (viii) Income tax and other taxes. (ix) Statutory reserves. (x) Required solvency margins. (xi) Profit and loss accounts and balance sheets. (xii) First year and renewal expense ratios. (xiii) Capita.I needs (xiv) Break-even periods and the Return on Capital. (xv) Shareholder dividends: Indian and Foreign. (xvi) Policyholder surpluses and bonus declarations This section should also discuss the manner in which the future capital needs will be met. 6. . Sensitivity Analysis - The analysis set out in S. No. 5 above will be based on a base scenario and a few alternate scenarios. Sensitivity analysis based on "Optimistic" and "Pessimistic" assumptions should also be included. These will relate to assumptions such as: (i) Size of sales force. (ii) Volume of sales. (iii) Average size of sale. (iv) Levels of mortality/morbidity, policy terminations for life/ health. (v) Administrative expenses (including inflation). (vi) Future investment conditions. (vii) A discussion on the manner in which the outcome of the pessimistic scenarios will be handled should be included. (viii) Estimated annual expenses and sources and manner of meeting these expenses 7. Whether approval of the Government of India (in respect of LIC/ PSU's only) and Board of Directors has been taken. If so, please submit certified copies of the approvals. 8. Copies of Government/ Regulatory approval or in-principle clearance from host country, if any. E Supervisory Arrangements I. Details of supervisory arrangements to which the Insurer is subject to in the jurisdiction where it is proposing to open an office outside India. 2. Nature of the Branch Office (how it is incorporated in the host c0untry) 3. Proposed name of the Branch Office in host country 4. Place and Date of Incorporation 5. Actdress of Office of FBO 6. Registration No. F Ownership & Management of the proposed foreign branch office \ I. List of names and addresses of Key persons and their qualifications and principal business of the proposed foreign branch office 2. Name & Address :i. Qua Ii ti cations 4. Principal Business \ 5. Name Address and contact details of Chief Executive Officer of the . \ foreign Branch Office 38 •-THE GAZETTE OF INDIA : EXTRAORDINARY 6. Name, designation, address and contact details of Key Person at Indian Corporate Office who is responsible for overseeing the foreign branch office G Documents to be enclosed 1. Copies of Memorandum and Articles of Association 2. Preceding 3 financial years financial statements 3. Certified copies of approval of the Government of India (in respect of LIC/ PSU's only) and Board of Directors 4. Copies of Government/ Regulatory approval from host country or in- principle clearance received from them 5. Copy of research undertaken, if any, to arrive at a decision of opening of branch office in a the host country 6. Any other documents, which are deemed relevant and substantiate the opening of office outside India We hereby declare that: (i) The particulars given above are true and correct to the best of our knowledge and belief; (ii) We shall confine our activities outside India to the fields indicated at SI. No. D(4) above; [PART Ill- SEC. 4] (iii)We will abide by the terms and conditions that may be stipulated by Insurance Regulatory and Development Authority oflndia, if approval is given. (Signature of Chief Executive Officer Or Chief Compliance Officer of the Applicant Company) Name: Designation: Plac1:: Date: Certification I, the undersigned, solemnly declare that the facts given in this application form on behalf of the Applicant Company are true and that the projections and estimations are based on reasonable assumptions. (Signature of Chief Executive Officer Or Chief Compliance Officer of the Applicant Company) Name: Designation: Place: Date: T.S. VIJAYAN, Chairman [ADVT.lll/4/Exty./161/15(141 )] Printed by the Manager, Government of India Press. Ring Road. Mayapuri. New Delhi-110064 and Published by the Controller of Publications. Delhi-I I 0054.