The Insurance Regulatory and Development Authority of India (“IRDAI”), vide its notification dated December 5, 2022, has notified the IRDAI (Registration of Indian Insurance Companies) Regulations, 2022 (“Registration Regulations”). The Registration Regulations repeal the IRDAI (Registration of Indian Insurance Companies) Regulations, 2000 and the IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015, to promote the insurance sector’s growth by simplifying the process of registration of Indian insurance companies and to promote ease of doing business.
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