Insurance Sector has entered into the seventh year of effective AML/CFT regime. At this juncture, there is a felt need to capture certain information on AML/CFT matters on a regular basis.

NOTIFICATION F.NO. IRDA/RI/19/77/2013, DATED 2-4-2013 In exercise of the powers conferred by sub-section (2) of the section 101A of the Insurance Act, 1938, the Authority, after consultation with the Advisory Committee constituted under section 101B of the Insurance Act, 1938 and with the previous approval of the Central Government, hereby makes the following notification namely:-

AGREEMENTS BETWEEN TPAs AND INSURANCE COMPANIES CIRCULAR NO. IRDA/HLT/MISC/CIR/074/04/2013, DATED 15-4-2013 The Authority has recently notified IRDA (Health Insurance) Regulations, 2013 and IRDA (Third Party Administrators – Health Services) (First Amendment) Regulations, 2013. The guidelines on ‘Standardization of Health Insurance’ have been issued by the Authority on 20th Feb., 2012. These Regulations and Guidelines contain [...]

IRDA (STANDARD PROPOSAL FORM FOR LIFE INSURANCE) REGULATIONS, 2013 NOTIFICATION F.NO.IRDA/REG./10/68/2013 DATED 16-2-2013 In exercise of the powers conferred by sections 14(2)(b) of IRDA Act, 1999 (Act 4l of 1999) and 114(A)(zc) and (zd) of the Insurance Act, 1938 (4 of 1938) the Authority, in consultation with the Insurance Advisory committee, hereby makes the following [...]

NOTIFICATION NO. IRDA/REG./18/76/2013, DATED 13-3-2013 In exercise of the powers conferred by sections 42D, 64UM and 114A of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the [...]

The Unique Identification Authority of India (UIDAI) created to issue a unique identification number (“Aadhaar”) to residents of India authorize/recognize “Registrars’ to enroll individuals for Aadhaar. We note that currently UIDAI has primarily engaged with State Governments, Central Ministries and public sector organizations to act as Registrars. As per the information available with the Authority, in the insurance sector only Life Insurance Corporation of India (LIC) is registered as Registrar with UIDAI.

MICRO INSURANCE AGENTS CIRCULAR NO. IRDA/LIFE/CIR/MIN/065/04/2013, DATED 3-4-2013 Reference is invited to regulation (2)(f) of IRDA (Micro Insurance) Regulations, 2005 where a Micro Insurance Agent is defined as an (i) NGO (ii) SHG and (iii) MFI. Reference is also invited to IRDA Circular No: IRDA/F&A/062/Mar-08, dated 12th March, 2008 where clarification was issued that NGOs [...]

GUIDELINES PERTAINING TO ARCHIVED AGENCY LICENSES CIRCULAR NO. IRDA/AGTS/CIR/GLD/066/04/2013, DATED 3-4-2013 The Authority has earlier archived huge number of individual agency licenses pertaining to the agents who had not submitted their Permanent Account Number and/or whose licenses were lapsed for more than 1 year, on account of which large number of licenses have become dormant [...]

INVESTMENT LIMIT OF 10% FOR REVERSE REPO TRANSACTIONS IN GOVERNMENT SECURITIES CIRCULAR NO. IRDA/F&I/INV/CIR/64/04/2013, DATED 2-4-2013 IRDA had vide circular no. : IRDA/F&I/CIR/INV/250/12/2012, dated 4th December, 2012 permitted Repo / Reverse Repo in Corporate bonds along with the G-Secs. where in, an overall limit of 10% of all funds was given for Reverse Repo transactions [...]

INTEGRATED SURVEYORS LICENSING MANAGEMENT SYSTEM – FURTHER INSTRUCTIONS CIRCULAR NO. IRDA/SUR/MISC/CIR/063/04/2013, DATED 1-4-2013 This is further to our circular no. IRDA/SUR/MISC/CIR/010/01/2013, dated 16-1-2013 on Integrated Surveyors Licensing Management System. The Web-Based Integrated Licensing Management System would now be available to those Individual Licensed Surveyors & Loss Assessors, whose licenses are expiring in the next three [...]