New Legal Entity Identifier (LEI) Regulations for Insurers and Loaners

Since 2018, LEI Register has been offering Legal Entity Identifier (LEI) codes, which have become the key measure for improving the quality and accuracy of financial data systems. It has helped to reduce financial risks in the global crisis as well as tremendously speed up the data validation process for financial service providers. The LEI code is a 20- character unique identity code assigned to all entities who are involved in any financial transactions.

As advised by the Financial Stability Development Council, Sub-Committee (FSDC-SC), new Legal Entity Identifier regulations are going to apply

All insurers shall obtain LEI as of July 31st for reasons mentioned above

All insurers shall inform their corporate borrowers with total exposures of Rs.50 crore and more to obtain LEI and provide it to them on or before June 30th, if they haven’t done so already.

Borrowers, who do not obtain LEI by June 30th, 2020, will no longer be granted renewal/ enhancement of credit facilities by insurers.

New loan proposals will not be sanctioned by the insurers without valid LEI information.

Insurers have to keep records of their borrowers’ LEI codes and specify while reporting the transactions executed with such corporate borrowers.

The best option for requesting an LEI in India is with LEI Register. We offer the lowest cost (prices starting from ₹ 2980/ year) as well as seamless company data autofill and same-day receival of the LEI.




About the Global LEI System

The LEI system was initiated as a response to the financial crisis and is aimed at improving transparency in financial data systems. There are several methods of identifying entities across various markets and countries. However the Global LEI System (GLEIS), when fully operational, will ensure that there is just one standard system. There are numerous regulations among jurisdictions that require the use of LEI. However, the main idea of the Global Legal Entity Identifier is to simplify, standardize, and provide the ease of identification of any legal entity worldwide.

If you want to look up your business partners’ or your own LEI status, then it can be done using LEI Register’s official LEI Search.

LEI Search reveals a company’s parent and daughter enterprises, addresses, and much more to ensure that there is a higher level of transparency in the financial world.

The LEI registration process

With LEI Register, the LEI registration process is fast and simple, involving just 3 major steps.

1. Fill in the blanks in the LEI number registration application form (autofill available).
2. Submit the LEI number registration application and pay with a credit card or PayPal account.
3. Your LEI registration data will be sent for data validation and the LEI number sent to you by e-mail.

In most cases, your LEI will be sent to your e-mail address in a matter of hours!