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[Cites 0, Cited by 0] [Section 11] [Entire Act]

Union of India - Subsection

Section 11(2) in The Insurance Regulatory And Development Authority (Investment) Regulations, 2000

(2)[ Any margin or unamortized premium paid by any insurer in connection with the financial derivatives to the extent they are reflected as asset position in the balance sheet of the insurer in accordance with the guidelines issued by the Authority, shall be treated as "Approved Investment" under Schedule I and Schedule II to these regulations, only to the extent the derivative position constitutes a hedge for the underlying investment or portfolio which itself is treated as an approved investments under these regulations. All other margins or unamortized premium paid, to the extent reflected in the balance sheet of the insurer in accordance with the guidelines issued by the Authority in this regard from time to time, shall be treated as "Other Investments".][SCHEDULE I] [Substituted by Noti. No. IRDA/Reg/5/47/2008, dated 30-7-2008 (w.e.f. 11-8-2008).](See regulation 3)LIST OF APPROVED INVESTMENTS FOR LIFE BUSINESS"Approved Investments" for the purposes of section 27-A of the Act shall consist of the following :-
(a)all investments specified in section 27-A of the Act except -
(i)clause (b) of sub-section (1) of section 27-A of the Act;
(ii)first mortgages on immovable property situated in another country as stated in clause (m) of sub-section (1) of section 27-A of the Act;
(iii)immovable property situated in another country as stated in clause (n) of sub-section (1) of section 27-A of the Act.
(b)In addition the following investments shall be deemed as approved investments by the Authority under the powers vested in it vide clause (s) of sub-section (1) of section 27-A of the Act -
(i)All loans secured as required under Insurance Act, 1938, secured-debentures, secured bonds and other debt instruments rated as per Note appended to regulations 3 and 4. Equity shares and preference shares and debt instruments issued by All India Financial Institutions recognised as such by Reserve Bank of India-investments shall be made in terms of investment policy guidelines, benchmarks and exposure norms, limits approved by the Board of Directors of the insurer.
(ii)Bonds or debentures issued by companies rated not less than AA or its equivalent and P1 or equivalent ratings for short term bonds, debentures, certificate of deposits and commercial papers by a credit rating agency, registered under SEBI (Credit Rating Agencies) Regulations, 1999 would be considered as "Approved Investments".
(iii)Subject to norms and limits approved by the Board of Directors of the insurers deposits (including fixed deposits as per section 27-A(9) of Insurance Act, 1938) with banks (e.g., in current account, call deposits, notice deposits, certificate of deposits, etc.) included for the time being in the Second Schedule to Reserve Bank of India Act, 1934 (2 of 1934) and deposits with primary dealers duly recognised by Reserve bank of India as such.
(iv)Collateralized Borrowing and Lending Obligations (CBLO) created by the Clearing Corporation of India Ltd. and recognized by the Reserve bank of India and exposure to Gilt, G Sec and liquid mutual fund forming part of Approved Investments as per Mutual Fund Guidelines issued under these regulations and money market instrument/investment.
(v)Asset Backed Securities with underlying Housing loans or having infrastructure assets as underlying as defined under "infrastructure facility" in clause (h) of regulation 2 of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Amendment Regulations, 2008.
(vi)Commercial papers issued by a company or All India Financial Institution recognized as such by Reserve Bank of India having a credit rating by a credit rating agency registered under SEBI (Credit Rating Agencies) Regulations, 1999.
Explanation. - 1. All conditions mentioned in the "note" appended to regulations 3 and 4 shall be complied with.[SCHEDULE II] [ Substituted by Noti. No. IRDA/Reg/5/47/2008, dated 30-7-2008 (w.e.f. 11-8-2008).](See regulation 4)LIST OF APPROVED INVESTMENTS FOR GENERAL BUSINESS"Approved Investments" for the purpose of section 27-B of the Act shall consist of the following :-
(A)All investments specified in section 27-B of the Act except -
(i)clause (b) of sub-section (1) of section 27-A of the Act;
(ii)immovable property situated in another country as stated in clause (n) of sub-section (1) of section 27-A of the Act;
(iii)first mortgages on immovable property situated in another country as stated in clause (i) of sub-section (1) of section 27-B of the Act.
(B)In addition the following investments shall be deemed as approved investments by the Authority under the powers vested in it vide clause (j) of sub-section (1) of section 27-B of the Act:
(i)All loans secured as per Insurance Act, 1938, secured-debentures, secured bonds and other debt instruments rated as per Note appended to regulations 3 and 4. Equity shares, preference shares and debt instruments issued by All India Financial Institutions recognized as such by Reserve Bank of India-investments shall be made in terms of investment policy guidelines, benchmarks and exposure norms, limits approved by the Board of Directors of the insurer.
(ii)Bonds or debentures issued by companies rated not less than AA or its equivalent and P1 or equivalent ratings for short term bonds, debentures, certificate of deposits and commercial papers by a credit rating agency, registered under SEBI (Credit Rating Agencies) Regulations, 1999 would be considered as "Approved Investments".
(iii)Subject to norms and limits approved by the Board of Directors of the insurers deposits (including fixed deposits as per section 27-B(10) of Insurance Act, 1938) with banks (e.g., in current account, call deposits, notice deposits, certificate of deposits, etc.) included for the time being in the Second Schedule to Reserve bank of India Act, 1934 (2 of 1934) and deposits with primary dealers duly recognised by Reserve Bank of India as such.
(iv)Collateralized Borrowing and Lending Obligations (CBLO) created by the Clearing Corporation of India Ltd. and recognised by the Reserve Bank of India and exposure to Gilt, G Sec and liquid mutual fund forming part of Approved Investments as per Mutual Fund Guidelines issued under these regulations and money market instrument/investment.
(v)Asset Backed Securities with underlying Housing loans or having infrastructure assets as underlying as defined under "infrastructure facility" in clause (h) of regulation 2 of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Amendment Regulations, 2008.
(vi)Commercial papers issued by a company or All India Financial Institution recognized as such by Reserve Bank of India having a credit rating by a credit rating agency registered under SERI (Credit Rating Agencies) Regulations, 1999.
(vii)Money Market instruments as defined in regulation 2(cc) of this regulations.
Explanation. - 1. All conditions mentioned in the "note" appended to regulations 3 and 4 shall be complied with.[***] [ Sch. III omitted by Noti. No. IRDA/Reg/5/2001, dated 31-5-2001 (w.e.f. 31-5-2001).][FORM 1] [ Substituted by IRDA/Reg./5/47/2008, dated 30-7-2008 (w.e.f. 11-8-2008).]Company Name and Code:Statement as on:Name of the Fund................Statement of Investment and Income on InvestmentPeriodicity of Submission: QuarterlyRs. lakhs
      CurentQuarter Year to Date Previous Year
No. Category of Investment Category Code Investment (Rs.) Income on Investment (Rs.) Gross yield (%) Net Yield (%) Investment (Rs.) Income on Investment (Rs.) Gross Yield (%) Net Yield (%) Investment (Rs.) Income on Investment (Rs.) Gross Yield (%) Net Yield (%)
                             
                             
                             
CertificationCertified that the information given herein are correct and complete to the best of my knowledge and belief and nothing has been concealed or suppressed.Date..............Signature......................Full Name & Designation.................Note. - Category of Investment (COI) shall be as per Guidelines.