Insurers permitted to classify investments in Preference Shares and Equity Shares as part of "Approved Investment" on specified conditions- (Insurance Regulatory and Development Authority) (27 Sep 2021)

MANU/IRDA/0100/2021

Insurance

In continuation to circular no.: IRDAI/F&I/CIR/INV/065/03/2021 Dt. 31st March, 2021 on the subject, the Authority in exercise of its powers conferred under Regulation 14(2) of the IRDAI (Investments) Regulations, 2016, hereby permits Insurers to classify investments in Preference Shares and Equity Shares as part of "Approved Investment" if dividend is paid on such Shares "for at least 2 years out of 3 consecutive years immediately preceding" instead of "for at least 2 consecutive years immediately preceding" [as required under Regulation 3(a)(4) and 3(a)(5) of IRDAI [Investment] Regulations, 2016] for the period from 1st October, 2021 to 31st March, 2022.

Tags : CLASSIFICATION PERMISSION PREFERENCE SHARES