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[Cites 0, Cited by 0] [Section 11(2)] [Section 11] [Entire Act]

Union of India - Subsection

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

(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.