The Authority felt that there is a need for reducing the timeline for giving approvals in order to expedite the product approval process, the Authority shall require certain information from the insurers to plan for resources available, to support planned filings and to ensure fairness across all the insurers while approving the products.

IRDA (LINKED INSURANCE PRODUCTS) REGULATIONS, 2013 NOTIFICATION F. NO. IRDA/REG/15/73/2013, DATED 16-2-2013 In exercise of the powers conferred under Section 114A of the Insurance Act, 1938 (4 of 1938) read with Sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority in consultation with the Insurance Advisory Committee, hereby makes [...]

It has also been decided to allow Standalone health insurance companies to avail the services of Agents, Corporate Agents of other Life and/or Non-Life insurance companies to distribute their products provided such Agents and Corporate Agents undergo 25 hours training as mandated at para (2) above.

IRDA (ISSUANCE OF CAPITAL BY GENERAL INSURANCE COMPANIES) REGULATIONS, 2013 NOTIFICATION F. NO. IRDA/REG./12/70/2013, DATED 16-2-2013 In exercise of powers conferred under section 14 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), read with sections 6AA and 114A of the Insurance Act, 1938, the Authority, in consultation with the Insurance Advisory [...]

IRDA (REGISTRATION OF INDIAN INSURANCE COMPANIES)(THIRD AMENDMENT) REGULATIONS, 2012 – AMENDMENT IN REGULATION 2 NOTIFICATION F.NO.IRDA/Reg/2/58/2012, DATED 16-10-2012 In exercise of the powers conferred by sections 114A of the Insurance Act, 1938 (4 of 1938) read with section 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation [...]

The Authority in order to streamline the preparation of the financial statements of General Insurance Business, have been issuing various Circular/Guidelines. In order to enable the Insurers to have a one stop document of all such directions issued, this Master Circular has been prepared. This Master Circular essentially consolidates all directions/Circulars issued by the Authority upto 30th September, 2012 as indicated in the Appendix and will have the effect of superseding such earlier circular(s) of the Authority

Circular no. IRDA/Life/MI/2012, dated 26-07-2012 – On comprehensively examining the existing business model adopted under Micro Insurance vis-a-vis the extant regulations on Micro Insurance, the Authority proposes to review the IRDA (Micro Insurance) Regulations, 2005. Accordingly, an exposure draft on Micro Insurance (Modification) Regulations is issued for further and wider deliberations on the subject.

In partial modification of point no. 3.7.1 of Advertisement Guidelines Circular No. 007/IRDA/Cir/Adv/May-07 dated 14th May, 2007 relating to Joint Sale Advertisements, it is decided to permit Insurers to release Joint Sales Advertisements, without prior approval of the Authority, in accordance to the applicable regulations / guidelines in vogue and file the same. However, all the Joint Sale Advertisements filed with the Authority shall continue to carry a certificate from the Appointed Actuary as specified therein. It is also reiterated that a Joint Sale Advertisement is permitted to be issued only with its Corporate Agent or with a Micro Insurance Agent.

‘Orphan life insurance policies’for the purpose of these Guidelines, means the policies initially effected by an individual insurance agent whose services were subsequently terminated or removed or deleted from the rolls of the insurer excluding those policies to which the effecting agent is entitled to renewal commission under provisions of Section 44 of the Insurance Act. The policies that are considered eligible under section 40(2A) of Insurance Act also do not fall under the purview of this definition.

The IRDA had issued guidelines for pension products vide references 1st and 2nd cited. Insurance companies have expressed certain concerns on the provisions in the cited Circulars and have also sought certain clarifications. In view of the above, the following clarifications are issued: