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...
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref: IRDAI/HLT/REG/CIR/193/07/2020 22nd July, 2020 All Insurers (excluding specialized insurers) and TPAs, wherever applicable Sub: Master Circular on Standardization of Health Insurance Products 1. Objective: 1.1 The extant IRDAI (Health Insurance) Regulations 2016 were notified on 18th July, 2016 superseding IRDA (Health Insurance) Regulations 2013. 1.2 The Guidelines […]
Insurance Regulatory and Development Authority of India Ref: IRDAI/HLT/REG/CIR/194/07/2020 22nd July, 2020 All Insurers (excluding specialized insurers) and TPAs, wherever applicable Sub: Consolidated Guidelines on Product filing in Health Insurance Business 1. Objective: 1.1 The extant IRDAI (Health Insurance) Regulations 2016 were notified on 18th July, 2016 superseding IRDA (Health Insurance) Regulations 2013. 1.2 The […]
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:– Date: 21-07-2020 Covid-specific standard health indemnity policy “Corona Kavach” PRESS RELEASE 1. As stipulated by IRDAI, all 30 insurers offering health insurance have started offering Covid-specific standard health indemnity policy called “Corona Kavach” to the public with durations of 3 and a half, 6 and a […]
All the general and health insurance companies (insurers) were mandated to offer Individual Covid Standard Health product, Corona Kavach Policy. Insurers are hereby allowed to offer Corona Kavach Policy as group product by duly complying with the norms specified.
In view of increase in number of COVID-19 cases, in order to leverage on the extant healthcare systems put in place, it is important to recognise the make-shift or temporary hospitals permitted by Government for settlement of health insurance claims for insurance companies.
Insurance companies will provide a 5% discount in premium of Corona Kavach to doctors, nurses and other healthcare workers, in terms of the guidelines issued by IRDAI.
Attention is drawn to the provisions of regulation 31 (d) of IRDAI (Health insurance) Regulations, 2016 wherein every general and health insurance company shall endeavour to enter into agreements with adequate number of both public and private sector network providers across the geographical spread.
The Authority is aware of reports that some hospitals are not granting cashless facility for treatment of Covid-19 despite such arrangements with the insurers. It is also brought to the notice of the Authority that some of these hospitals are also demanding cash deposits from the policyholders.
Life Insurers offering group credit life insurance schemes, where under, the members have availed moratorium on payment of EMIs are allowed to suitably modify the term and sum assured under such schemes, against collection of additional premium as may be required, in respect of such members, so that they may continue to be covered as per the revised loan repayment schedule.
In view of the Covid 19 pandemic, the Authority has designed a standard Covid specific product addressing basic health insurance needs of insuring public with common policy wordings across the industry. The Authority has mandated general and health insurers to offer this indemnity based Individual Covid Standard Health Policy called ‘Corona Kavach’.
