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Monday, November 19, 2012

IRDA widens definition of infrastructure facility

The term ‘infrastructure facility' will be replaced by ‘harmonised master list of infrastructure sub-sectors' 


The IRDA (Insurance Regulatory and Development Authority) has widened the definition of ‘infrastructure facility' under its Registration of Indian Insurance Companies Regulations.
In a gazette notification, IRDA made an amendment to the regulation wherein the term ‘infrastructure facility' will be replaced by ‘harmonised master list of infrastructure sub-sectors', as specified by the department of economic affairs, ministry of finance.
Both life and non-life insurance companies are mandated to invest a certain percentage in infrastructure. IRDA has specified a list of ‘infrastructure facility' for insurance firms to invest in. 

According to Section 2 (h) of Irda Registration of Indian Insurance Companies Regulations, 2000, infrastructure facility includes highways, bridges, airports, ports, railways, road transport systems, water supply projects, irrigation projects, industrial parks, water treatment systems and solid waste management systems. It also includes sanitation and sewage systems, generation, distribution or transmission of power, telecommunications and housing projects.
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