Regulation, 2015

Text

Reproduced from the document India Code holds for this instrument. The Gazette prints Hindi and English side by side and this is the English; the Department's own PDF remains the authority.

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EXTRAO RDINARY

m>T 111- ~4 PART 111~5ection 4 ~ ~ . ~ . ~ 29, 201s1i1~!!@ 9, 1937

REGO. NO. D. L. -33004199

't'i. 144) No. 1441 NEW DELHI, WEDNESDAY, APRIL 29, 2015/VAISAKJIA 9, 1937 ~~(l<ll<\. 24 ffi, 2015 1903 Gl/201 5 (!) w:rr~, ~ w I ii'>! <fr 31 ~«'ifl if .fl Li I ifid I filU ~ wt 'fit '111{ i ifirf ~ ;,ft 'i I if>dT ~ ~ ['ll7T 111-~4] rNSURANCEREGlJLATORY AND DEVELOPMENT AUTHORITY OF INDIA

NOTIFICATION

Hyderabad, the 24th April, 2() 15 lnsm·ance Regulatory and Development Authority of India (Fee for Registering Cancellation or Change of Nomination) Regulations, 2015 :F. No. lRDA/Rcg/4/94/2015.- Jn exercise of the powers conferred by Section I 14A(2)(jc) read with

Section 39(3) of The Insurance Act, 1938, as amended from time to time, the Authority in consultation with the Insurance Advisory Committee, hereby makes the following regulations namely:- !. Short title and commencement.- These regulations may be called the Insurance Regu latory and Development Authority of lndia (Fee for Registering Cance llation or Change of Nomination) Regu lations, 20 I 5.

2. They shall corne into force on lhe date of their publication in the o m cial Gazette and shal l be applicable to a ll the policies of life inst,rance where cancellation or change of nomination is effected. Definitions

3. In these regulations, un less the context rcqui;cs otherwise-- sect ion ( I) 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 Act, or in the Insurance Regulatory and Devclopme,11 Authority Act, 1999 or in any Rules or Regulations made there under sha ll have the meanings respectively assigned to them in those Acts or Rules or Regulations. Fee for registering lt cancellation or change of norninatio11 by the holder of a policy of life insurance:

4. A Li fe lnsurer is perm ined to co llect the following fee for registering the cancellation or change of the nomination by the ho lder of a policy of Life Insurance on his own life.

(a) In respect of those polic ies that are issued in e lectronic forrn as specified by the regulations under the provisions of Section 14 (2) of the Act, the fee collected shall not exceed Rs. 50 (Rupees fifty only) inclusive of all applicable taxes.

(b) In respect of po lic ies other than those referre-d under Regulation (4) (a) above, the fee collected shall not exceed Rs. I 00 (Rupees Hundred Only) inclusive of a ll applicable taxes

5. No foe, other than what has been prescribed in Regulation 4 above, shall be co llected for registering a nomination either at the lime of effecting a policy of life insurance or at any time thereafter o r towards any other services rela ting to nomination contained in Section 39 of the Act, as amended from time to time.

6. The nomination effected by a policyholder at the inception of the policy through the proposal fonn and recorded by the Insurer in the schedule of a policy document shall be considered as a val id acknowledgement by the Insurer.

Power to remove difficulties and issue clarifications

7. In order to remove any doubts or the di fficulties that may arise in the application or interpretation of any of the provisions of these regulat ions, the Chairperson of the Authority may issue appropriate clarifications or guidelines as deemed necessary.

Primed by the Manai;cr, Govcmmen1 of India Press, Ring Road, Mayapuri, New Oelhi- 11006-1 ru,d Published by the Controller of Publications, Delhi-110054. page 1.pdf page 2.pdf Page 3.pdf

Provisions this regulation answers to

Read out of the instrument itself: an enabling provision is one it says it was made under, which is the power it rests on. The rest it names without resting on.

Other instruments under the same Act

All of the The Insurance Act, 1938