Circular onInvestment in Alternative Investment Fund (AIFs) – IRDAI

• 12th, April 2021
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Circular onInvestment in Alternative Investment Fund (AIFs) – IRDAI

• No investment is permitted into AIFs which undertake leverage or borrowing other than to meet day-to-day operational requirements and as permitted under SEBI (Alternative Investment Funds) Regulations, 2O12.
• Insurer shall invest only into Fund of Funds (FoF) which comply requirement of Section 278 of the Insurance Act, 1938.
• Insurer shall ensure compliance with section 2zD by a clause in the Fund offer Documents executed by FoF to restrain such FoF investing into AIFs which invest in overseas companies/funds.
• No Insurer shall invest in an AIF, which in turn has exposure to a FoF, in which the Insurer has taken an exposure. (e) The Insurer on a quarterly basis, obtain a certificate issued by the Concurrent Auditor on the compliance of the above conditions and file the same along with quarterly periodical returns.”