Section 12(1) in The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015
(1)The following shall be the eligibility criteria for any applicant to act as an empanelled annuity service provider:-(a)any Life Insurance Company registered and regulated by the Insurance Regulatory and Development Authority and dealing with annuity products in the domestic market for the last three years;(b)the applicant having a minimum net worth of rupees two hundred and fifty crores;(c)the applicant shall have competency in design, development and offering of annuity products, which is demonstrable by the details of the annuity products filed with the Insurance Regulatory and Development Authority;(d)not barred from dealing with or selling annuity products in the market by the Insurance Regulatory and Development Authority;(e)any other criteria as may be specified by the Authority from time to time through resolutions, notifications, circulars, guidelines, norms or memoranda.
