IRDAI lists steps to closely monitor insurers’ exposure to AIFs

Hyderabad, June 28, 2023 

Regulator also wants insurers to submit quarterly return for investments in AIFs, as per the specified format, within 15 days from the end of each quarter

Insurance regulator IRDAI on Wednesday stipulated a few requirements for the insurers to help closely monitor their exposure to Alternative Investment Funds (AIFs), including one seeking board approval for rollover of investments in AIFs.

In a circular on monitoring of such investments, the regulator advised the insurers that the NAV of the AIFs should be declared on a quarterly basis. It also wanted the insurers to submit quarterly return for investments in AIFs, as per the specified format, within 15 days from the end of each quarter.

The rollover of investments in AIFs should be approved by the Board/Investment Committee, it said. Insurers were permitted in August 2013 to invest in category I and II AIFs as part of other investments, IRDAI added.

[The Hindu]