Insurance Regulatory and Development Authority of India (Fee for granting written acknowledgement of the receipt of Notice of Assignment or Transfer) Regulations, 2015

F. No. IRDA/5/95/2015.- In exercise of the powers conferred by Section l 14A(2)(zd) of the Insurance Act, 1938 (4 of 1938) read with Section 38(7) of the Insurance Act, 1938 the Authority in consultation with the Insurance Advisory Committee, hereby makes the following regulations namely:-

1.  Short title and commencement –

(1) These regulations may be called the Insurance Regulatory and Development Authority of India (Fee for granting written acknowledgement of the receipt of Notice of Assignment or Transfer) Regulations, 2015.

(2) They shall come into force on the date of their publication in the Official Gazette from such date.

2.  Definitions

In these regulations, unless the context requires otherwise -

(a)  "Act'' means the Insurance Act, 1938 (4 of 1938) as amended from time to time;

(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;

(c)  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 or in any Rules or Regulations made there under shall have the meanings respectively assigned to them in those Acts or Rules or Regulations.

(3)  Fee for granting acknowledgement of Notice of Assignment or Transfer

An Insurer is permitted to collect the following fee for granting a written acknowledgement of the receipt of notice of assignment or transfer.

(a)  ln respect of those policies that are issued in electronic form as specified by the regulations under the provision Section 14 (2) of the Act the tee collected shall not exceed Rs 50 (Rupees fifty only) inclusive of applicable taxes.

(b)  In respect of policies issued other than those referred under Regulation (3) (a) above the fee collected shall not exceed Rs 100 (Rupees Hundred Only) inclusive of applicable taxes.

(4)  No other fee shall be collected for rendering any other services such as, recording the fact of the transfer or assignment or any other services connected to the assignment or transfer prescribed in Section 38 of the Act.

(5) Power to Remove Difficulties and Issue Clarifications

Where any doubt or difficulty arises in giving effect to the provisions of these regulations, the Chairperson of the Authority may issue appropriate clarifications or guidelines as deemed necessary.

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