Insurance regulator IRDAI on Wednesday stipulated just a few necessities for the insurers to assist closely monitor their exposure to Alternative Investment Funds (AIFs), together with one searching for board approval for rollover of investments in AIFs.
In a round on monitoring of such investments, the regulator suggested the insurers that the NAV of the AIFs must be declared on a quarterly foundation. It additionally wished the insurers to submit quarterly return for investments in AIFs, as per the required format, inside 15 days from the tip of every quarter.
The rollover of investments in AIFs must be permitted by the Board/Investment Committee, it mentioned. Insurers have been permitted in August 2013 to spend money on class I and II AIFs as a part of different investments, IRDAI added.
