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The representations made by Life and Ceneral Insurance Councils, the Authority in exercise of the powers conferred under Regulation l4[2] of the IRDAI finvestments] Regulations, 2015, hereby permits lnsurers to classify investments in Preference Shares and Equity Shares as a part of "Approved lnvestment" if such Shares have paid dividend "/or at least 2 years out of 3 consecutive years immediately preceding" instead of " for at least 2 consecutive years immediately preceding".