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Corporate Law : Understanding IRDAI (Investment) (Fifth Amendment) Regulations, 2013 and their impact on insurance companies in India....
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1. These regulations may be called The Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests) Regulations, 2017. 2. These regulations shall come into force from the date of their publication in the official Gazette of the Government of India and supersede Insurance Regulatory and Development Authority (Protection of Policyholders’ Interests) Regulations, 2002 and any clarification circulars/guidelines issued in this regard.
Procedure to be followed to deal with resignation of Insurance Sales Persons (ISPs) of Insurance Marketing Firms (IMFs). On receipt of resignation letter from an ISP, the IMF has to forward the same along with the copy of its registration certificate either to the Life Insurance Council or General Insurance Council as per the above allocation under intimation to the Authority.
1) The Loss Costs for Fire line of business published by IIBI in the 2nd Schedule of Loss Costs for various occupancies is to be considered in determining the premium rates. 2) In the alternative, the Loss Cost of a particular occupancy based on the Insurer`s own past acceptances may be considered, for all available periods.
It has come to the notice of the Authority that few insurers are interpreting the captioned circular in a manner which would delay the release of fund value under discontinued unit linked products even when the policyholders have opted for complete withdrawal within the lock-in period or when no option is exercised.
In exercise of the powers conferred by Sections 42D, 42E, 64UM and 11 4A of the Insurance Act, 1938 read with 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following amendments to Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015, namely:
The Authority, to enforce IRDAI (Investment) Regulations, had issued various Circulars and Guidelines at different times. This Master Circular covers all Circulars, Guidelines which are effective to date, to serve as one stand point reference. While due care had been taken to prepare this Master Circular, users may point out inconsistencies, through Life Insurance Council or General Insurance Council, which will be addressed in subsequent versions
Offering Existing Health Insurance Products that are in Compliance with IRDAI (Insurance Services by Common Service Centers) Regulations, 2015 as CSC Insurance Products, for distribution through Common Service Centers JCSC)
General insurance products that are classified as both Retail and Commercial need to be distinguished from one another with a suitable name change or pre fix or suffix as the case may be and need to have a separate Unique Identification Number (UIN). All the insurers, therefore, shall resubmit the list of existing products being sold both as Retail and Commercial on or before 1St October, 2017. The required UIN for the product will be allotted by the Authority through BAP.
An insurer registered to carry on insurance business in India shall, subject to sub-regulation (B) and sub-regulation (F) appoint an actuary, who shall be known as the ‘Appointed Actuary’ for the purposes of the Act.
(i) These Regulations may be called IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017. (ii) They shall come into force from the date of their publication in the Official Gazette of the Government of India
