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[Cites 0, Cited by 0] [Section 3] [Entire Act]

Union of India - Subsection

Section 3(1) in The Insurance Regulatory And Development Authority (Investment) Regulations, 2000

(1)Life Business .-In terms of the Explanation to section 27-A of the Act, the Authority has determined that assets relating to pension business, Annuity business and all categories of Unit Linked business shall not form part of the Controlled Fund for the purpose of that section.Without prejudice to section 27 or 27-A of the Act, every insurer carrying on the business of Life Insurance, shall invest and at all times keep invested his Investment Assets (other than funds relating to pension and general annuity business and all categories of Unit Linked business) in the following manner:
No. Type of Investment Percentage
(i) Government Securities Not less than 25% of the fund
(ii) Government Securities Other Approved Securities Not less than 50% of the fund [incl(i)above]
(iii) Investments as specified in section 27-A of Insurance Act,1938 and Schedule I of the these regulations, subject to Exposure/Prudential Norms specified in regulations 5:  
  (a)Approved Investments and other Investments (Out of "(iii)(a)""Other investment" specified under (sic section )27-A(2) of the Act, shall not exceed 15% of the fund) Not exceeding 35% of the fund
  (b)Investment in housing and infrastructure by way of subscription or purchase of:  
  1. Bonds/debentures of HUDCO and National Housing Bank  
  2. Bonds/debentures of Housing Finance Companies either duly accredited by National Housing Banks, for house building activities, or duly guaranteed by Government or carrying current rating of not less than"AA" by a credit rating agency registered under SEBI (Credit Rating Agencies) Regulations, 1999 Not less than 15%of the fund[(iii (b)and(c)taken together]
  3. Asset Backed Securities with underlying housing loans, satisfying the norms specified in the guidelines issued under these regulations.
  (c)Investment in Infrastructure:  
  (Explanation: Subscription or purchase of Bonds/Debentures, Equity and Asset Backed Securities with underlying infrastructure assets would qualify for the purpose of this requirement.  
  "Infrastructure facility" shall have the meaning as given in clause(h)of regulation 2 of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Amendment Regulations,2008).