Corporate Law : Learn about IMF Registration for private limited companies, its process, requirements, and benefits. Expand into insurance marketi...
Corporate Law : IRDAI’s 2024 regulations simplify processes for registration, share transfers, and mergers of Indian insurance companies, aiming...
Corporate Law : As per requirement of Ministry of Corporate Affairs, to use the word Insurance, prior no-objection certificate shall be obtained f...
Corporate Law : IRDA modifies definition of Critical Illnesses for Health Insurance Products. Stay updated with the latest changes in the guidelin...
Corporate Law : Learn about adhering to the timelines of award settlement as per Rule 17(6) of Insurance Ombudsman Rules, 2017. Find out why it's ...
Corporate Law : IRDAI permits insurers to use equity derivatives for hedging, aiming to reduce portfolio risks amid market volatility. Strict comp...
Corporate Law : IRDAI has issued 5 new regulations, enhancing data governance, operational efficiency, and innovation in India's insurance sector ...
Corporate Law : IRDAI revises regulations for the Insurance Advisory Committee, enhancing meeting flexibility and clarifying advisory roles. Publi...
Corporate Law : IRDAI proposes updates to re-insurance committee regulations, introducing flexibility in meetings and member resignation or remova...
Corporate Law : IRDAI proposes amendments to its meeting regulations to enhance clarity and efficiency, including changes to meeting frequency, no...
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 warns Heritage Health Insurance TPA for closing claims and issuing repudiations directly, violating regulations. Action repo...
Corporate Law : IRDAI warns Heritage Health TPA for non-compliance in claims handling. Advisory issued to follow regulations in health insurance c...
Corporate Law : IRDAI fines Flipkart ₹1.06 crore for insurance regulation breaches, including ISNP misuse and operating without valid registrati...
Corporate Law : IRDAI mandates strict adherence to cyber security guidelines, including incident reporting, forensic audits, and compliance measur...
Corporate Law : IRDAI reconstitutes its Insurance Advisory Committee, appointing five new members. The notification takes effect from its publicat...
Insurers maintain separate current accounts with banks at different operational levels, i.e., Branch offices, Controlling offices, Corporate office, etc., for the purpose of premium collection, management expenses, policy payments, investment operations, etc. Maintenance of current accounts at different operational levels for specific purposes helps the insurers in managing funds, reconciliation of transactions and servicing claims of policyholders efficiently.
The charge pertains to non-submission of requisite information by the Broker to the inspection team such as solicitation related documents, mandate letters, comparison chart, quotes, proposal form, policy documents, complaints related documentation etc.
TPA did not fulfill the Minimum Business Requirements during 2019-20 in any of the parameters as specified under regulation 14 of TPA Regulations, 2016 read with the Minimum Business norms as stipulated under Annexure-11 of Circular Ref: IRDAI/TPA/REG/CIR/130/06/2020 dated 03rd June 2020. It is also observed that on an average basis for the years under […]
Insurers may note that the revised instructions shall come into effect from the financial year 2021-22 and the uploading of disclosures on website shall be on quarterly basis from the period ending 30th September, 2021 whereas publishing in Newspapers will be on half yearly basis from the period ending 30th September, 2021.
IRDAI permits Insurers to classify investments in Preference Shares and Equity Shares as part of Approved Investment of for at least 2 consecutive years immediately preceding (as required under Regulation 3(a)(4) and 3(a)(S) of IRDAI (Investment) Regulations, 2016) for the period from 1st October, 2021 to 31st March, 2022.
Survey either engaging unlicensed surveyor or surveyors who are not holding license in relevant areas of risk. Provision: Regulation 12(1) and Regulation 16(5) under Chapter VI (Code of Conduct) of IRDAI Insurance Surveyor and Loss Assessors) Regulations, 2015.
Charge: Undertaking survey not in commensurate with their resources. Provision: Regulation 4(15) (4) and 12(1) of IRDAI (Insurance Surveyors & Loss Assessors) Regulations, 2015
In view of the continuing situation of Covid 19 pandemic, it is decided by the Authority to further extend the exemptions granted vide the above referred Circulars up to 31/03/2022.
As per the data submitted by the SLA regarding the surveys performed by the surveyors, some of the surveyors have performed the survey work in areas for which they do not hold the license.
The SLA has submitted that the delay in issuing survey report was due to non-receipt of necessary documents from the insured. If the documents, as claimed by the SLA, had not been received from the insured till the retirement of the Surveyor in question, then the submission of the SLA that the said survey was carried […]
