The Insurance Development Authority (IDRA) has formally notified Golden Life Insurance and Bayra Life Insurance to explain why they have been conducting business without renewing their registration certificates.

IDRA has recently dispatched letters to the management of both companies requesting clarifications and supporting documentation.

The correspondence from IDRA highlights that, per Section 8 (1) of the Insurance Act, 2010, no entity is permitted to engage in insurance activities without a valid license from the Insurance Development and Regulatory Authority. Furthermore, Section 11 of the same Act stipulates that insurers must submit their renewal applications, along with the requisite fee, by November 30 of the preceding year. However, Golden Life Insurance has failed to file its renewal application for the 2025 registration certificate. Conducting insurance operations without a renewed registration certificate constitutes a violation of the Insurance Act, which carries legal repercussions.

In light of this, the companies are requested to provide a detailed explanation, along with relevant evidence, regarding why legal measures should not be pursued against them for operating in contravention of Section 8 of the Insurance Act, 2010, due to the lack of a renewed registration certificate for 2025.