(1)No insurer not being an insurer as defined in sub-clause (d) of clause (9) of section 2, carrying on the business of life insurance, general insurance, health insurance or re-insurance in India or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall be registered unless he has,--(i)a paid-up equity capital of rupees one hundred crore, in case of a person carrying on the business of life insurance or general insurance; or(ii)a paid-up equity capital of rupees one hundred crore, in case of a person carrying on exclusively the business of health insurance; or(iii)a paid-up equity capital of rupees two hundred crore, in case of a person carrying on exclusively the business as a re-insurer:Provided that the insurer, may enhance the paid-up equity capital, as provided in this section in accordance with the provisions of the Companies Act, 2013 (18 of 2013), the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the rules, regulations or directions issued thereunder or any other law for the time being in force:Provided further that in determining the paid-up equity capital, any preliminary expenses incurred in the formation and registration of any insurer as may be specified by the regulations made under this Act, shall be excluded.
