Corporate Law : IRDAI's Bima Vahak initiative aims to expand insurance reach in rural areas. It introduces a women-centric distribution channel fo...
Corporate Law : Overview of IRDAI's 2024 Corporate Governance Regulations for Insurers, covering board composition, committee structures, KMP appo...
Corporate Law : Learn about Bima-ASBA, IRDAI's new facility for insurance premium payments. This mechanism blocks funds in a prospect's account vi...
Corporate Law : Summarizing IRDAI's 2024 regulations on insurance advertising, this text covers definitions, mandatory disclosures, prohibitions, ...
Corporate Law : Learn about IMF Registration for private limited companies, its process, requirements, and benefits. Expand into insurance marketi...
Corporate Law : IRDAI approved implementation of Ind AS for all insurers from 1 April 2026 with transitional arrangements and limited forbearance....
Corporate Law : The proposed PEPF framework seeks to improve insurance penetration through financial literacy, digital services, and awareness pro...
Corporate Law : IRDAI has proposed comprehensive amendments to insurance intermediary regulations to implement the SBSR Act, 2025. The proposals s...
Corporate Law : IRDAI's draft 2026 amendments overhaul actuarial governance, reporting, investment norms, and insurer compliance to align with the...
Corporate Law : IRDAI has released draft amendments simplifying the registration framework for foreign reinsurers and Lloyd's India while introduc...
Corporate Law : Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be p...
Corporate Law : The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance co...
Corporate Law : IRDAI has extended transitional arrangements for annual fee payment and registration certificates until 31 August 2026 or notifica...
Corporate Law : IRDAI has constituted a Working Group to develop governance, oversight, and security frameworks for AI adoption in the insurance s...
Corporate Law : IRDAI has amended its earlier notification to prescribe a 4% obligatory cession and require the entire cession to be placed with G...
Corporate Law : IRDAI has cautioned that the entity's Certificate of Registration as an Insurance Marketing Firm has expired and remains unrenewed...
Corporate Law : The regulator held that agreements lacking clear fee provisions undermined contractual clarity and regulatory compliance. A penalt...
Draft of IRDAI (Registration of Indian Insurance Companies) Regulations, 2022 aims to provide the fit and proper criteria, To provide the limits of investment in insurers.
Charge of Not complying with the directions issued by the IRDAI against Axis Bank Limited. Decision: The corporate agent Axis Bank Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a penalty of Rs 1 crore (Rupees One Crore only) is […]
IRDAI permits general insurers to file all products under Miscellaneous lines of business (including modifications of current products) under Use and File procedure for both Retail and Commercial categories.
Charge: Not complying with directions issued by Insurance Regulatory And Development Authority of India. Decision: The Insurer Max Life Insurance Co. Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a penalty of Rs 1 crore (Rupees One Crore only) is […]
It is reiterated that all insurance products that cover newborns/unborns shall comply with the above referred provisions without any deviation and provide, coverage from day one(1) without imposing any waiting periods/sub-limits or any other restrictive conditions.
Insurance Regulatory and Development Authority of India Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 Date: 12-10-2022 Background 1. A focused onsite inspection of M/s. Pramerica Life Insurance Co. Ltd., (the Insurer) was conducted from 14th October 2019 to 18th October 2019 and inspection report was shared with the insurer for their comments vide letter dated 30th December 2019. Response of the […]
Considering the submissions of the insurer as above, the charge is not being pressed. The insurer is however, advised to strengthen the internal checks and balances to avoid re-occurrence of clerical errors going forward.
In order to facilitate the life insurance industry to respond faster to the emerging market needs, in terms of designing and pricing of insurance products and to promote ease of doing business, certain specified modifications were allowed to be carried out through Use & File process
Exposure Draft – Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) Regulations, 2022- To promote efficiency in conduct of insurance business and provide for appropriate framework for electronic mode of solicitation and servicing of insurance policies
Rothshield TPA is directed to remove the word Insurance TPA from name of its Company. In terms of Reg. 18 of TPA Regulations, 2016, all insurers who were having TPA agreement with Rothshield TPA earlier, if any, shall immediately take such alternative steps including appointment of another TPA, if any, as may be necessary to continue to cater to the policy holders served by Rothshield TPA.
