IRDAI on 2.2.2024 issued Exposure Draft of IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Indian Insurance Companies) Regulations, 2024
The draft Regulations of 2024 are prepared after consolidating the existing seven Regulations of 2011 to 2022 as a part of its review mechanism to reduce compliance burden, ease of doing business and continuance of protection of interests of policy holders.
The paramount aim and object of consolidation of the Regulations of 2024 is also mentioned in the exposure draft and mainly to (i) removal of prior approval requirement for listing of shares; (ii) relaxation of lock in period and (ii) more clarity on capital structure.
