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Representations have been received from Life Insurance Companies to allow them to offer indemnity products as well. 1. In order to examine the feasibility of allowing life insurers offer indemnity based health policies, the competent Authority has decided to set up a committee with the following members:
Amendments in respect of provisions of Guidelines on Standardization of Exclusions in Health Insurance Contracts and Modification Guidelines on Standardization in Health Insurance
(1) These rules may be called the Life Insurance Corporation (Amendment) Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette.
Insurance companies are significant institutional investors in listed companies and the investments are held by them as custodians of policyholders’ funds. The state of governance of the investee companies is an important aspect and insurance companies must ensure that investee companies maintain corporate governance standards at high level.
IRDAI hereby allows addition of departments to the surveyors and loss assessors subject to meeting the eligibility criteria. There will be no restriction on the number of departments allowed to work for licensing of a surveyor and loss assessor and the allotment of number of departments will be based on the qualification, compliance with the requirements as per the Regulations and the option of the surveyor and loss assessor.
The percentage cession of the sum insured on each General Insurance Policy to be reinsured with the Indian Re-insurer(s) shall be 5% (five percent) in respect of insurance attaching during the financial year beginning from 1st April, 2020 to 31st March, 2021, except the terrorism premium and premium ceded to Nuclear pool, wherein it would be made NIL. The entire Obligatory Cession is to be placed with General Insurance Corporation of India (GIC Re) only.
In case the insurer intends to adopt ART, non-traditional structured solutions, Financial Re-insurance, then it shall take prior approval of the Authority, as per provisions of Reg. 8 of the IRDAI (Re-insurance) Regulations, 2018;
Upon merger of these PSBs, the underlying group health Insurance policies of the customers of the merged banks shall continue to be serviced by the respective insurance companies which issued the policies till the end of policy period. The insurance companies shall make suitable arrangements with the acquiring banks to this effect.
IRDAI clarified that the insurers can start offering Arogya Sanjeevani Policy before 1st April, 2020 and should ensure that this product is definitely offered on or before 1st April, 2020.
While the insurance sector was preparing to implement the Ind AS, it was noted that the International Accounting Standards Board (IASB) has taken a considered view to amend IFRS 17: Insurance Contracts, due to the concerns raised around accounting treatments, operational complexity and implementation challenges raised by various stakeholders
