CIRCULAR No. IRDA/F&I/CIR/INV/69/03/2012, dated 26-3-2012 Under Clause 4 of the reference first cited, Life Insurance Companies are required to compute and declare NAV on a daily basis as per the provisions of Circulars 1, 2 and 3 referred to above. In 2009, a one time relaxation was provided vide communication at SI. No. 4 above.

Insurance Regulatory and Development Authority (IRDA) has reported that there is no proposal to shift the insurance sector to a paperless model. The insurance companies could continue to issue paper insurance policies. However, where an insurer issues e-insurance policies, the company shall do so at the option of the policyholder by utilising the services of an insurance repository licensed by the Authority.

The Authority has in terms of its Order IRDA/NL/ORD/MPL/277/12/2011, dated 23-12-2011 and IRDA/NL/ORD/MPL/003/01/2012, dated 3rd January, 2012 directed dismantling of the existing IMTPIP with effect from March 31, 2012 and has specified inter alia matters relating to pool reserves and account reserves. The Authority has since received representation from the General Insurance Council (Council) as to the unprecedented difficulty in giving effect to significant and exceptionally large liabilities arising following the dismantling of the IMTPIP in terms of aforesaid orders.

As per File and Use Guidelines, the insurance companies are required to launch products after allowing for 60 days for non-life and 30 days for life for clearance by the IRDA. Several times, however, the full details of the product, which are required in order to assess the product, are not furnished and consequently there is delay.

Notification F.No.IRDA/RI/1/57/2012, dated 15-3-2012 In exercise of the powers conferred by sub-section (2) of 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:-

On review of the details furnished by the insurers under the aforesaid circulars, certain discrepancies were observed by the Authority. It was also observed that while some of the insurers have robust IT backed systems/processes in place to ensure compliance with the stipulations as regards limits on various expense heads, in case of others there was a felt need for building up such platforms and ensure that they function at the desired levels of effectiveness and efficiency.

Circular No. 70/IRDA/HLT/Coverage of HIV/2011-12, -The Authority has received representations from various stakeholders including public bodies and Government Authorities, to provide insurance cover to people living with HIV and to people in general including doctors and nurses etc. who are vulnerable to HIV/AIDS, in Health Insurance policies.

This paper seeks to discuss issues relating to tying and bundling insurance policies with other services and goods and how conflicts of interest that arise need to be dealt with. In particular, conflicts of interest that may arise in respect of manufacturers/agencies of automobiles and other goods and services in their role as Corporate Agents or where their group entities are Insurance Brokers need attention.

The health insurance segment of the insurance industry has been growing significantly. The IRDA has underpinned the growth of this market by registration of standalone health insurance companies, by nurturing the development of Third Party Administrators (TPAs) to enable a cashless system of claim settlement. It has also constituted Working Groups with major representatives such as FICCI and CII for suggesting measures to further improve the efficiency of the health insurance system in India. In the background of these developments,

On 18th June, 2010, the Authority had put up a draft in the nature of a Discussion Paper on the need to prescribe standards and procedures for Needs Analysis for sale of life insurance policies. Needs Analysis by the intermediaries and the insurance companies is necessary before effecting the sale of a life insurance policy in order to ensure that the product that is proposed to be sold is suitable for the prospect and meets his or her needs.