Section 30 in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
30. Transitory provisions
.-Every existing insurer shall be required to comply with all the regulations made by the Authority from the date of their notification:Provided that the regulations made by the Authority on the following subjects, viz :-(i)Accounts;(ii)Assets, liabilities and solvency margin;(iii)Reinsurance, may, at the choice of an existing insurer, be complied with within a period of twelve months from the commencement of those regulations:Provided however, the Authority may, on an application made to it by an existing insurer, for valid reasons, grant a further period of time to comply with the above regulations so, however, that the total time taken by an existing insurer to comply with regulations in the areas mentioned above does not extend beyond twenty-four months from the date(s) of commencement of those regulations:Provided further that where an existing insurer does not conform to the regulations in the areas mentioned above within the time allowed to him under this regulation, the Authority shall proceed against him for failure to comply with its directions.Notwithstanding the above, nothing prevents the Authority from seeking information from an existing insurer on the subjects mentioned in the first proviso to this regulation and issue directions to an insurer, wherever necessary.Form IRDA/R1[Requisition For Registration Application][Please see regulation 5 of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000](This form is supplied free of cost to the applicants by the Insurance Regulatory and Development Authority. Please fill in the application carefully. Should you require any clarifications, please write to the Authority specifically mentioning your query or call on us personally subject to prior appointment.)
