Finance : Section 10(10D) provides exemption only when premium limits are within prescribed thresholds. If premiums exceed these limits, mat...
Finance : The article highlights the need for integrated travel and health insurance to manage both medical emergencies and trip disruptions...
Income Tax : Even where premium limits are exceeded, death benefits continue to be fully exempt. This ensures protection for beneficiaries. The...
Finance : Cyber insurance helps cover financial losses from cyberattacks like hacking and data breaches. It is becoming essential as digital...
Finance : The restoration feature ensures that insurance coverage can be reinstated after a major claim, helping maintain protection for oth...
Corporate Law : IRDAI formed a sub-committee to review private health insurance and improve policyholder experience. The initiative focuses on exp...
Corporate Law : The issue concerns identification of systemically important insurers. The regulator retained the same entities, emphasizing their ...
Corporate Law : IRDAI directs insurers to follow anti-dark pattern guidelines and submit compliance reports. The move strengthens consumer protect...
Corporate Law : The Government clarified that claim rejections are based on policy conditions like exclusions and OPD classification. IRDAI mandat...
Corporate Law : IRDAI is moving towards adopting Ind AS to standardize financial reporting across insurers. The framework aims to improve transpar...
Corporate Law : Supreme Court held that insurers impleaded as parties can raise all grounds, including quantum challenges. It remitted the case fo...
Income Tax : The SC upheld that reinsurance premiums paid to foreign entities are not taxable in India. It confirmed that absence of income acc...
Income Tax : The High Court held that reinsurance premiums paid to non-residents are not taxable in India and no TDS is required. It upheld Tri...
Corporate Law : SC affirmed a fire insurance claim after insurer attempted repudiation based on an arbitrary surveyor's report. Ruling held that o...
Corporate Law : Supreme Court rules pre-2015 life insurance policies were freely transferable, affirming High Court's decision against LIC's refus...
Corporate Law : The notification addressed mandatory reinsurance cession for general insurance policies. It mandates 4% cession to GIC Re, ensurin...
Corporate Law : The issue was the need to address increasing cyber risks in the insurance sector. IRDAI introduced updated guidelines with enhance...
Corporate Law : The circular shifts SLAs from a renewal-based licensing system to a registration regime with annual fees. This ensures continuity ...
Corporate Law : IRDAI constituted a Joint Expert Group to tackle transition and implementation issues under Ind AS. The group will guide insurers ...
Corporate Law : The IRDAI issued a circular providing clarifications on the implementation of Indian Accounting Standards (Ind AS) by insurers eff...
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The Authority has been working on implementation of Ind AS in Insurance sector including new standard on insurance contracts in India which is equivalent of IFRS 17 (Insurance Contracts) promulgated by the International Accounting Standards Board (IASB).
Getting in a car accident is an unfortunate situation, even if the accident is not your fault. There’s a risk of damaging your car severely, or worse, totaling it.
Held that absence, fake or invalid driving licence or disqualification of driver to drive, are not in themselves defences available to the insurer against either insured/ third parties, to avoid liability towards insured. Insurer has to prove that insured was guilty of negligence and failed to exercise reasonable care.
All the four PSU insurers incurred losses in the health insurance portfolio in all the five years from 2016-17 to 2020-21. Aggregate loss of the four PSU insurers was ₹26,364 crore during 2016-17 to 2020-21.
IRDAI has clarified that they have not taken any decision with regard to disclosure of commission on Insurance policy document.
ECGC has introduced a new scheme to provide enhanced export credit risk insurance cover to the extent of 90% to support small exporters under the Export Credit Insurance for Banks Whole Turnover Packaging Credit and Post Shipment (ECIB- WTPC & PS).
Held that the limitation period of six months is applicable from 1st April 2022. Accident in this case had occurred on 23.05.2019. Accordingly, limitation period of six months u/s 166(3) of Motor Vehicles Act doesn’t apply.
IRDAI permits general insurers to introduce the following concepts for the Motor Own Damage (OD) cover through the filing of appropriate add-ons to the basic OD policy on an annual basis:1. Pay As You Drive 2. Pay How You Drive 3. Floater policy for vehicles belonging to the same individual owner for two wheelers and private cars
Certain provisions of Insurance Act not to apply in Special Economic Zone and International Financial Services Centre
