HME Ho Bo Tete~33004/99 )_D. 1L.-33004/99 AR a Tota Che Gazette of Sndia EXTRAORDIN ARY arr aes 4 PART IllSection 4 snfirer genie 144) No. 144) SxTTAT, 24 sider, 2015 saree after fafearre ate faeara orfarcor (rata & carer erat Ras at itga act hy Pre gen) Aaa, 2015 al. a. 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No, IRDA/Reg/4/94/2015.—In exercise of the powers conferred by Section 1 L4A(2\Xje) read with Section 39(3) of The Insurance Act, 1938, as amended from time to time, the Authority in consultation with the Insurance Advisory Committee, hereby makes the following regulations namely:— 1. Short title and commencement— These regulations may be called the Insurance Regulatory and Development Authority of India (Fee for Registering Cancellation or Change of Nomination) Regulations, 2015, 2. They shall come into force on the date of their publication in the Official Gazette and shall be apolicable toll the policies of life insurance where cancellation or change of nomination is effected, Definitions tions, unless the content requires otherwise — (of 1938), as amended fiom tine to time; ¥ ad Development Authority of India established under sub- section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999: (©) all words and expressions used herein and not defined but defined in the Act, or in the Insurance Regulatory and Development Authority Act, 1999 or in any Rules or Regulations made there under shall have the meanings respectively assigned to them in those Acts or Rules or Regulations, Fee for registering a cancellation or change of nomination by the holder of a policy of life insurance: 4A Life Insurer is permitted to collect the following fee for registering the cancellation or change of the nomination by the holder of a policy of Life Insurance on his own life. a) In respect of those policies that are issued in electronic form as specified by the regulations under the Provisions of Section 14 (2) of the Act, the fee collected shall not exeved Rs. 50 (Rupees fifty only) inclusive of ail applicable taxes. (b) In respect of policies other than those referred under Regulation (4) (e) above, the fec collected shall not exceed Rs. 100 (Rupees Hundred Only) inclusive of all applicable taxes 5. No ie, other than what has been preseribed in Regulation 4 above, shall be collected for registering a nomination either at the time of effecting a policy of life insurance or at any time thereafter ot towards any other services relating to nomination contained in Section 39 of the Act, as amended from time to time, 5. The nomination effected by a policyiolder at the inception of the policy through the proposal form and recorded by the Insurer in the schedule of a policy document shall be considered as a valid acknowledgement by the Insurer, Power to remove difficulties and issue clarifications 7. In order to remove any doubts or the difficulties thet may arise in the application or interpretation of any of the provisions of these regulations, the Chaigperson of the Authority may issue appropriate clarifications or guidelines as deemed necessary. T. S. YUAYAN, Chairman [ADVTIIV4/ Exty 6150/15] Pedy thc Manager, Goverment edi rs Ring Road, Nayaqu, New DeV-VOQ6T and Folished by the Contller af Publeatons: thi 10084