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Considering the prevailing pandemic situation due to COVID, all insurance intermediaries are allowed additional time upto 31stMay, 2021 to file all returns due on 31st March 2021.
A Working Group was set up by the Authority vide order Ref: IRDAI/NL/WG/ENGG-Retail/240/2020-21 dated 5th November 2020 to revisit the existing Engineering insurance products (Retail) and recommend new suitable standard products in line with advancement in technology for the retail segment.
IRDAI was directed to advise Insurers to communicate their cashless approvals to the concerned hospitals/establishments within a maximum time period of 30 to 60 minutes so that there shall not be any delay in discharge of patients and hospital beds do not remain unoccupied.
Max Life argued that there was no clarity prior to the issue of Outsourcing regulations,2017 that training activity falls within the definition of Outsourcing and that there was no uniform practice across the Industry.
Penalty amount of Rs. 5 lakh shall be remitted by IFFCO Tokio General Insurance Company Ltd by debiting the shareholders’ account within a period of forty five days from the date of receipt of this order through NEFT/RTGS.
There are reports of certain network providers (hospitals) charging high rates and insisting on cash payments from the policyholders for providing treatment to COVID-19 infected patients despite having cashless arrangement with Insurers.
nvestments-Master Circular permits insurers to invest in Units of listed Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs). Consequent to Finance Act, 2021 permitting Trusts to issue Debt Securities, the following conditions shall apply to Insurers investing in Debt Securities issued by InvITs / REITs
It is clarified by IRDAI that where insurers have an arrangement with the hospitals for providing cashless facility, such network hospitals are obligated to provide cashless treatment for all treatments including treatment for COVID-19.
These regulations may be called the Insurance Regulatory and Development Authority of India (Manner of Assessment of Compensation to Shareholders or Members on Amalgamation) Regulations, 2021.
The inspection, inter-alia, revealed that the insurer had been transacting motor insurance business through certain Automobile Dealers without appointing them as Motor Insurance Service Providers (MISP) to distribute and/ or service motor insurance policies. Based on the motor insurance premium register for the period 1st November, 2017 to 31st January, 2018, submitted by the insurer during the inspection, it was observed that the insurer had transacted the insurance business through automobile dealers who were not appointed as MISPs.
