The Insurance coverage Regulatory and Growth Authority of India (IRDA) has carried out away with the present follow of in accordance a case to case foundation approval for investments in Infrastructure Growth Fund (IDF) by the insurers.
This can give insurers a free hand to insurers in investing in IDF which is after all subjected to a common set of norms.
“To encourage additional investments by insurers within the infrastructure sector and to boost ease of doing enterprise, the requirement of case to case approval for an funding in IDF is finished away with,’‘ the regulator stated in a round on Friday.
The circumstances embrace registration of IDF-NBFC with RBI, a residual tenure of not lower than 5 years for debt securities and minimal credit standing of `AA’ or its equal by a Credit score Ranking Company registered with SEBI to be eligible for authorized investments.
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