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 : IRDAI delegates Section 34 powers between Whole Time Members and Chairperson. The move aims to streamline enforcement actions and ...
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 ...
The issue is that insurers rely on financial and GST records to assess stock loss, with the key takeaway being that incomplete documentation leads to claim reductions.
Complete trading accounts, stock valuations, and GST reconciliations are essential to avoid delays and payment reductions in stock loss insurance claims.
Learn the key elements—Trading Account, stock statement, GST reconciliation, and supporting evidence—that strengthen flood, fire, or water damage insurance claims.
IRDAI has proposed relaxing rules to allow insurers to invest in infrastructure SPVs with stable cash flows. The move aims to support long-term infrastructure financing without parent guarantees.
Insurers can now invest in AT1 bonds and Tier 2 capital instruments issued by AIFIs. The change widens investment options while aligning with existing bank investment norms.
IRDAI penalized a health insurer Rs. 1 crore for failing to provide clear claim details, ombudsman information, and proper documentation in cashless settlements, highlighting the importance of transparent policyholder communication.
IRDAI flagged a life insurer for allowing executive management to fix statutory auditor fees, risking conflict of interest. Corrective action was implemented and a warning issued.
The draft amendments strengthen grievance redressal, define appointments, and introduce an Appellate Authority to ensure timely and fair resolution of insurance complaints.
IRDAI cautioned Universal Sompo for claim closures, refund delays, and late settlements. The insurer was warned to improve compliance and reporting.
SC affirmed a fire insurance claim after insurer attempted repudiation based on an arbitrary surveyor’s report. Ruling held that once a genuine loss is proven, the exact cause of fire is irrelevant, and surveyors cannot ignore documented evidence of stock loss. The key takeaway is that insurance policy terms like FFF (Furniture, Fixtures, and Fittings) must be interpreted broadly in favor of insured.
