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III/4/161/12/aroi.]

INSURANCE REGULATORY AND DEVEWPMENT

DEVELOPMENT AUTHORITY
NOTIFICATION

Hyderabad, the 7th February, 2013

Insurance Regulatory and Development Authority (Scheme of Amalgamation andTransfer of

Life Insurance Business)
Business ) Regulations, 2013

F. No. IRDA/Reg./8/66/2013.-In
IRDA/Reg./8/66/2013.— In exercise of the powers conferred by clause (zc) of
ofthe o f sub-section (2) of
o f Section
114A of the Insurance Act 1938 (4 of
114Aofthe o f 1938)
193 8) read with Section 6A, 35, 36 and 37; and 14 and 26 of
35,36 the Insurace Regulatory
ofthe
and Development Authority Act, 1999 ((4141 of
o f 1999), the Authority, in consultation with the Insurance Advisory Committee,
hereby makes the following regulations namely :- :—

I.
1. Short title and commencement

1. These regulations may be called the Insurance Regulatory and Development Authority (Scheme of
Amalgamation and Transfer of o f Life Insurance Business) Regulations, 2013.
2. They shall come into force on the date ofo f their publication in the official Gazette.
3. These Regulations shall apply to all life insurance companies. However, the applicability of o f these
Regulations to the Life Insurance Corporation of o f India shall be subject to the provisions of Life
Insurance Corporation oflndia
o f India Act, 1956.

2. Definitions

In these regulations, unless the context otherwise requires:

'Act' means the Insurance Act, 1938 ((44 of
a. ‘Act’ o f 1938);
'Authority' means Insurance Regulatory and Development Authority established under Section 3 of
b. ‘Authority’ of
the Insurance Regulatory and Development Authority Act, 1999;
c. 'application'
‘application’ means application submitted to the Authority along with proposed Scheme as defined
hereunder;
d. 'appointed
‘appointed date'
date’ means the date appointed for purposes of giving effect to the scheme of o f amalgamation
and transfer ofo f life insurance business;
e. 'merged
‘merged entity'
entity’ means the resultant Indian Insurance Company consequent upon the implementation of
the Scheme;
f. 'Scheme'
‘Scheme’ means
means scheme
scheme of
o f amalgamation
amalgamation or or transfer
transfer formulated
formulated under
under Section
Section 3535 of
o f the
the Insurance
Insurance
Act, 1938 and not governed by Section 37 37AA of
o f the Insurance Act 1938, whether or not preceded by any
agreement or deed;
g. 'transacting
‘transacting parties'
parties’ means
means the
the transferor
transferor company
company andand the
the transferee
transferee company
company bothboth of o f which
which areare
'Indian
‘Indian Insurance Company'
Company’ as defined in Sectionas2(7)A definedof the Insurance
in Section 2(7)Act
A o 1938;
f the Insurance Act 1938;
h. 'transferor insurer' means the company or companies, which would transfer the undertaking of
‘transferor insurer’ o f life
insurance business under the Scheme of o f amalgamation and transfer;
8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III-SEC.
[ P art III— S e c . 44]]

i. 'transferee insurer’
‘transferee insurer' means
means the
the company,
company, which
which would
would acquire
acquire the
the undertaking
undertaking oof life insurance
f life insurance
business under the Scheme ofo f amalgamation and transfer.

3. Application to be submitted to the Authority

No Scheme
1. No Scheme shall
shall be
be implemented
implemented without
without the
the proposal
proposal for
for implementation
implementation thereof
thereofbeing
beingsubmitted
submitted by
by
the transacting parties to the Authority along with the draft proposed Scheme containing related
infonnation
information as indicated in the Annexure to these Regulations.

Every Scheme
2. Every Schemeunder
underthese
theseregulations
regulationsshall
shall be
beimplemented
implementedonly
onlyafter
afterfinal
final approval
approval oof theAuthority:
f the Authority:

Provided that no Scheme under these regulations shall be approved if

ifin
in the opinion ooff the Authority:

(i) the
the available
available solvency margin of
solvency margin o fthe
the merged
merged entity
entity will
will be
be lower
lower than
than the
the required
required minimum
minimum
regulatory level; or
(ii) the Scheme is not compliant with any
the Scheme applicable
is not compliantlaws
withand
anyregulations;
applicable or
laws and regulations; or
(iii) the Scheme is not in the best interests of the policyholders;
the Scheme or interests of the policyholders; or
is not in the best
(iv) the Scheme is not conducive to the
the Scheme orderly
is not growthtoofthe
conducive theorderly
insurance sector.
growth o f the insurance sector.
t

4. Notice of Intention

I.
1. Every application for implementation of o f the Scheme shall be preceded
precedJd by a notice ooff atleast two
months of
o f the intention to implement the Scheme, together with a statement ooff the nature ooff the
amalgamation and transfer, along with the reasons thereof to the Authority and certified copies, four
in number, of
o f each of
o f the following documents shall be furnished to the Authority:

(a) a draft ofo f the agreement or deed or Scheme under which it is proposed to effect the
amalgamation and transfer;
(b) balance-sheets in
balance-sheets in respect
respect oof the insurance
f the insurance business
business of of each
each oof the insurers
f the insurers concerned
concerned in in such
such
amalgamation and transfer, prepared in the form fonn as indicated in the the IRDA
IRDA (Preparation
(Preparation of
of
Financial Statements and Auditor's
Auditor’s Report ooflnsurance Regulations, 2002;
f Insurance Companies) Regulations, 2002;
(c) Financial Condition Report; Appointed Actuaries’ Actuaries' Annual Report; and Solvency Statement
prepared in confonnity
conformity with the requirements ooff relevant regulations and Circulars issued by the
Authority, including Assets, Liabilities and Solvency Margin Regulations;
(d) a report on the proposed amalgamation and transfer, prepared by an independent actuary who
has not been professionally connected with any ooff the parties concerned in the amalgamation
and transfer at any time in the five years preceding the date on which he signs his report;
(e) a synopsis / executive summary of o f the proposed transaction, and the terms tenns on which such
transaction has been contemplated;
(I)
(f) aa report
report on
on the
the manner
manner in
in which
which the
the interest
interest oof the policyholders
f the policyholders will
will be
be protected;
protected; and
and
(g) aa report
report on
on compliance
compliance with
with the
the applicable
applicable laws,
laws, including
including but
but not
not limited
limited to,
to, the
the Competition
Competition
Act, 2002 and the employment laws.

2. The balance sheets, reports and abstracts referred to in clauses (b), (c) and (d) shall be prepared as at
the appointed date, on a pro-fonna
pro-forma basis. These shall include (i) audited financial statements most
proximate to the appointed date and (ii) latest quarter’s
quarter's unaudited financial statements.

3. The aforesaid documents shall be kept open for the inspection ooff the members and policyholders at
the principal and branch offices.

5. Notice of the Scheme:

The Authority may, by an order in writing, direct notice of the application to be sent to every person resident in
India, who is the holder of
o f a life policy of
o f any insurer concerned; and shall cause a statement of the nature and
[[*TFT IIl-<Siu.s 4]
'1TTT III— 4] 'qffiJ cfiT ~
W W T 5 T : 3IBT~
3Tf[TtrRnT 9
9

tenns ooff the amalgamation or transfer, as the case may be, to be published in such manner and such period as
terms
the Authority may direct.

6. Actuarial Valuation

1. The Authority may, at any time prior to granting final approval to the proposed Scheme, cause an
independent actuarial valuation of o f the insurance business (encompassing the assets, liabilities and
solvency position) of
o f the transacting parties.

7. In-principle approval by the Authority

1. The Authority, after hearing the directors and such policyholders, as may apply to be heard, and any
other persons whom it considers entitled to be heard, and on being satisfied that the proposed Scheme
is (i) in the interests of
o f the orderly growth of
o f the insurance sector, (ii) on confinnation
confirmation ofo f compliance
with any requirements as the Authority may deem fit in the context of o f its regulatory mandate; and (iii)
not subject to any reasonable objection from policyholders and in the context of o f public interest, may
grant in-principle approval to the proposed Scheme subject to such conditions as it may consider
appropriate.

Provided that
(a) no part ooff the deposit made under section 7 ooff the Act, by any party to the amalgamation or
transfer shall be returned except where, after effect is given to the arrangement, the whole ooff the
deposit to be made by the insurer carrying on the amalgamated business or the person to whom the
business is transferred is completed,
(b) only so much ooff the deposit shall be returned as is no longer required to complete the deposit last
mentioned in clause (a), and
(c) while the deposit last mentioned in clause (a) remains uncompleted, no accession, resulting from
the arrangement, to the amount already deposited by the insurer carrying on the amalgamated
business or the person to whom the business is transferred shall be appropriated as payment or part
payment ofo f any installment of
o f deposit subsequently due from the insurer under section 7.

Provided further that

If the arrangement involves a reduction ooff the amount ooff the insurance and other contracts of o f the
transferor insurer(s) concerned in the amalgamation, the Authority may approve the arrangement
reducing the amount ofo f such contracts upon such terms and subject to such conditions as the Authority
may think proper, and the reduction of o f contracts as approved by the Authority shall be valid and
binding on all the parties concerned.

2. [n
In granting such in-principle approval and during the period prior to the transacting parties receiving
the Court approval, the Authority may if so required, impose such requirements on the transacting
parties as it may consider necessary and appropriate: (a) to ensure protection of o f the interests of
o f the
policyholders; and (b) to ring fence the assets ooff the transacting entities including stipulations for filing
ooff information/reports at such periodicities as it may deem fit.

3. During the interim period, the parties to the Scheme shall ensure that the insurance operations are
carried out in compliance with all requirements ofo f the [nsurance
Insurance Act, 1938, the regulations framed
thereunder and the directions issued by the Authority.

8. Effect of grant of 'In-Principle'

‘In-Principle’ approval

1. Upon grant of o f 'in-principle'

‘in-principle’ approval, the transacting parties shall
shall cause copies of
o f the proposed
Scheme to be kept open for inspection by policyholders at the registered office and the main corporate
office ooff the transacting parties, and simultaneously the same shall be uploaded on the website ooff the
respective insurers. Such inspection and access to the documents referred to above shall be kept open
until the complete implementation of o f the Scheme.

b atft3'3
5'lr C ;r/13-'3
10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART
[ P art III-
III— SEC.
S e c . 4]
4]

2. Upon
Upon grant
grant oof 'in-principle' approval
f ‘in-principle’ approval to
to the
the Scheme
Scheme and
and prior
prior to
to the
the said
said Scheme
Scheme being
being finally
finally
approved by the Authority, the Authority shall cause a statement of
o f the nature and terms of
o f the Scheme
to be published in at least one National Daily and one vernacular newspaper, copies of o f which shall be
fil ed with the Authority.
filed

3. Upon receipt ooff the 'in-principle' approval of

of the Authority,
Authority, the transacting parties to
to the
the Scheme
Scheme
would initiate steps to seek such other regulatory approvals as may be required including but not
limited to-
to -

a. Filing the scheme ofo f arrangement (along with the 'in-principle' approval of
o f the Authority) with the
Courts/Tribunal (for confirmation of
relevant High Courtsffribunal o f the scheme ofo f arrangement in terms of
o f sections
391 to 394 of o f the Companies Act, 1956 and compliance with all requirements under the
Companies (Court) Rules, 1959).

b. Filing applications with the Foreign Investment Promotion Board (FIPB) and the Reserve Bank of
India (RBI) seeking requisite approvals, if any;

c. In cases where a foreign joint venture partner is also associated with the transaction, approval from
the regulator in the relevant jurisdiction, if such approval is required; and

d. Seek such other approvals as may be necessary, including those from the Secur;ities
Securities and Exchange
Board of
o f India (SEBI), Stock Exchange(s) and Competition Commission ofo f India (CCI):
(CCI).

9. Final approval from the Authority

On completion of o f the various processes indicated in these regulations and upon receipt ofo f approvals from
various applicable regulatory authorities, as applicable, the transacting parties shall approach the Authority
for the final approval of
o f the Scheme.

The transacting parties shall ensure that the Scheme to be finally implemented is consistent not only with
conditions, if any, imposed by the Authority, but also with such requirements or stipulations as may be
imposed by the other competent authorities while according their regulatory approval.

10. Effect of final approval

1. The amalgamation and transfer of o f the life insurance business, as envisaged in the Scheme, shall be
effective from such date as shall be specified by the Authority while granting its final approval to the
Scheme.

2. On and from the date of

o f the coming into operation of o f the Scheme or any provision thereof, the Scheme
or such provision shall be binding on the transacting parties and also on all the shareholders,
policyholders and other creditors and employees of o f each of the transacting parties, and on any other
person having any right or liability in relation to any of the transacting parties.

3. On and from the date of the coming into operation of o f the Scheme, the properties and assets of the
transferor insurer shall, by virtue of and to the extent provided in the Scheme, stand transferred to and
vest in, and the liabilities of
o f the transferor insurer shall, by virtue of
o f and to the extent provided in the
Scheme, stand transferred to and become the liabilities of o f the transferee insurer.

4. Publication of
o f Notice in the newspapers about completion of o f the process (at least one national Daily
and one vernacular, copies of
o f which shall be filed with the Authority).
 ’TFT III-
[ 'IWT H I— ~
* 3 ^ 4]
4] *fiTcT IT O : SWTOK ut
II
11

5. If any difficulty arises in giving effect to the provisions of

o f the Scheme, the Authority may by order
issue such directions which appear to it necessary or expedient for the purpose of o f removing the
difficulty.

6. The Authority may issue such directions as it deems fit, taking into account the facts and
circumstances ofo f each case, its regulatory objectives, the interests of
o f policyholders and orderly growth
of
o f the insurance sector, in relation to any sequencing of o f measures involved in the Scheme being
approved by it.

11. Payment of
of fees for processing of
of the application

The fees for the processing of o f the application for an 'in-principle'

‘in-principle’ approval shall be jointly remitted by the
parties to the transaction by a demand draft issued by a scheduled bank in favour of o f the Insurance
Regulatory and Development Authority payable at Hyderabad. The fees shall be one-tenth of o f one per cent
of
o f the total gross premium written direct in India by the transacting parties during the financial year
preceding the financial year in which the application is filed with the Authority which shall be subject to a
minimum of o f fifty lakh rupees, but shall not be higher than five crore rupees.

12. Timing

The Authority shall process and pass appropriate orders on the application for amalgamation and transfer as
expeditiously as possible, and the transacting parties shall ensure prompt response to the queries and
requests for information from the Authority for processing the application.

13. Statements required after amalgamation and transfer

The transferee insurer carrying on the amalgamated business shall within three months from the date of o f the
completion of
o f the amalgamation and transfer, furnish in duplicate to the Authority:
I.
1. a certified copy of o f the scheme, agreement or deed under which the amalgamation or transfer has been
effected, and
2. a declaration signed by the chairman and the principal officer that to the best of o f their belief every
payment made or to be made to any person whatsoever on account of o f the amalgamation and transfer is
therein fully set forth and that no other payments beyond those set forth have been made or are to be
made either in money, policies, bonds, valuable securities or other property by or with the knowledge
of
o f any parties to the amalgamation and transfer.

Annexure

Scheme of Amale:amation
Amalgamation and Transfer
part of the Prooosal
Information to form oart Proposal Document

I.
1. Structure of
o f the transacting parties. .
2. Board Resolution of o f the transacting parties approving the steps to undertake transactions which would
result in change of o f structure of
o f the respective transacting parties.
12 THE GAZETTE OF INDIA : EXTRAORDINARY [[PART
P art III-SEC.
III— S e c . 44]]

3. Submission of o f confirmations by shareholders through a special resolution at a general body meeting/

extraordinary general meeting of o f the transacting parties about their intent to pursue the transfer
contemplated in the Scheme.
4. Details as to protection of o f interests of
o f policyholders, creditors and/or shareholders ooff the transacting parties.
5. Composition of o f Board ofo f directors ofo f the merged entity along with the role ooff senior management.
6. Compliance with the Guidelines on Corporate Governance issued by the Authority.
7. Details of
o f other regulatory approvals in respect of the proposed scheme
(i) applications submitted
applications submitted to to the
the other
other Regulators
Regulators in in respect
respect of
of to
to the
the proposed
proposed scheme
scheme as
as
and when they are filed with other Regulators
(ii) approvals granted
approvals granted by by the
the other
other Regulators
Regulators in
in this
this regard
regard
8. Share' Purchase/Subscription Agreement with respect to the transfer/acquisition of life insurance business
by the transacting parties.
9. Shareholders'
Shareholders’ Agreement with respect to the management and governance arrangements, if any, for the
transferred business.
10. Actuarial Report(s) on valuation of o f the insurance businesses ooff the transacting parties encompassing the
assets, liabilities and solvency position.
11. Rationalization of o f existing range of o f products in accordance with the File & Use Guidelines.
12. Assessment of o f impact on Distribution Channels/Jntennediaries
Channels/Intermediaries and Branch Network.
13. o f Reinsurance Strategies and Protection & Maintenance ooff Reinsurance Assets.
Details of
14. Implication of o f the Scheme on the Key Contracts.
15. Issues pertaining to the Information Technology.
16. Projected Financial Statements of o f the merged entity, as at the appointed date of the scheme.
17. Such other information which the Authority may require from time to time till the grant Of of fin^l
fin~( approval
~pproval to
the Scheme.

HARi NARAYAN, Chairman

J. HARINARAYAN,

ITI/4/ 161 /1 2/Exty.]

[ADVT. 111/4/161/12/Exty.]

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