IRDAI withdraws the guidelines on "Indian owned and controlled"

The Insurance Regulatory & Development Authority of India (IRDAI) through a circular dated 30th July, 2021 has decided to withdraw the guidelines on "Indian owned and controlled" dated 19th October, 2015 with immediate effect as the requirement of “Indian owned and controlled” has been omitted through Insurance (Amendment) Act, 2021. The guidelines on “Indian owned and controlled” were issued with an objective to bring more clarity on the issue of compliance with the manner of "Indian owned and controlled".