In exercise of the powers
conferred by section 114 A(2) (h) and (zd) read with Section 20(1) and Section
20 (3) respectively of the Insurance Act 1938 and Section 26 of Insurance
Regulatory and Development Authority Act, 1999, the Authority, in consultation
with the Insurance Advisory Committee, hereby makes the following regulations,
namely:- (1)
These Regulations may be called Insurance Regulatory and
Development Authority of India (Inspection and Fee for Supply of Copies of
Returns) Regulations, 2015. (2)
They shall come into force from the date of publication in the
official gazette. (1)
In these regulations, unless the context requires otherwise- (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 (1) of section 3
of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999); (c)
"Inspection" means inspection of returns or their
certified copy thereof submitted to the Authority. (d)
"Return" means any information, material, data or
statement, financial or otherwise mandated to be submitted by the regulated
entities to the Authority in physical and/or electronic form in uniform
periodicity, whether monthly, quarterly, half yearly, or annually and the
disclosure of which is not barred or exempted by any law for the time being in
force but shall not include the information, material, data or statements
called for by the Authority for specific regulatory purposes, such as business
or investigative purposes: Provided that the evaluation of
whether the disclosure of information contained in a return falls within the
above exclusions and exemptions provided under law shall be done by a Committee
constituted by the Chairperson of the Authority for this purpose. (2)
All words and expressions used herein and not defined but defined
in the Insurance Act, 1938 (4 of 1938), or in the Insurance Regulatory and
Development Authority Act, 1999 (41 of 1999) or in any Rules or Regulations
made there under shall have the meanings respectively assigned to them in those
Acts or Rules or Regulations. (1)
Any person seeking inspection of any return under Section 20 (1)
of the Act, shall make an application to the Authority in writing and send
the same to the Head office of the Authority. (2)
There shall be no fee for inspection of any return. (3)
The Authority, on receipt of the application, shall indicate a
date on which the person can inspect the return at the office premises of
the Authority. Provided that such date shall not
be beyond 30 working days from the date of receipt of the application (1)
Any person seeking a copy of any return under Section 20 (1) of
the Act, shall make an application to the Authority in writing and send
the same to the Head office of the Authority (2)
For providing copy of the return under Section 20 (1), the fee
shall be charged at the following rate: rupees One hundred only (Rs.100/-)
for each page or part thereof in physical form and rupees Seventy five (Rs.
75/-) per page in electronic form. (3)
The fee shall be paid by way of cash or by way of a demand draft
or banker's cheque in favour of the "Insurance Regulatory and
Development Authority of India" or transferred to the account of Insurance
Regulatory and Development Authority of India through electronic fund transfer. (4)
The Authority shall furnish a copy of the return within 30 working
days from the date of receipt of the applicable fee. (1)
A policyholder of an insurer seeking a copy of memorandum and
articles of association under Section 20 (3) of the Act, shall make an
application to Corporate Office of the insurer in writing. (2)
For providing copy of the Memorandum and articles of association
under Section 20 (3), the fee shall be charged at the following
rate: rupees One hundred only (Rs.100/-) for each page or part thereof in
physical form and rupees Seventy five (Rs. 75/-) per page in electronic form. (3)
The fee shall be paid by way of cash or by way of a demand draft
or banker's cheque in favour of the insurer or transferred to the account
of the insurer through electronic fund transfer. (4)
The insurer shall furnish a copy of the memorandum and articles of
association within 30 working days from the date of receipt of the
applicable fee. In order to remove any doubts or
the difficulties that may arise in the application or interpretation of any of
the provisions of these regulations, the Chairperson of the Authority may issue
appropriate clarifications or guidelines as deemed necessary.INSURANCE
REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (INSPECTION AND FEE FOR SUPPLY OF
COPIES OF RETURNS) REGULATIONS, 2015
PREAMBLE