Circular IRDAI/CIR/2023/3042 of the Insurance Regulatory and Development Authority of India dated 13th July, 2023 on the carrying on of insurance business [C12-6XY]

IRDAI/CIR/2023/3042

Insurance Regulatory and Development Authority of India

Hyderabad, dated the 13th July, 2023

CIRCULAR

To

All Controllers of Insurance,

Subject: The carrying on of insurance business by insurers under the Insurance Regulatory and Development Authority Act, 1999, regarding.

In exercise of the powers conferred by section 9 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Insurance Regulatory and Development Authority of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the carrying on of insurance business by insurers.

2. The matter has been examined. Every insurer carrying on the carrying on of insurance business shall make an application in Form IRDA-1 to the Central Government within ninety days, accompanied by a fee of fifty thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the carrying on of insurance business is undertaken, and the Central Government shall dispose of it within ninety days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Insurance Regulatory and Development Authority of India.

(Chief General Manager)