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 in-principle drafting and publication of new and amended regulations following the Sabka Bima, Sabki Raksha (Amendm...
Corporate Law : IRDAI approved drafting regulations for implementing a Risk Based Capital framework to strengthen solvency assessment and align In...
Corporate Law : IRDAI formed a sub-committee to review private health insurance and improve policyholder experience. The initiative focuses on exp...
Corporate Law : The issue concerns identification of systemically important insurers. The regulator retained the same entities, emphasizing their ...
Corporate Law : IRDAI directs insurers to follow anti-dark pattern guidelines and submit compliance reports. The move strengthens consumer protect...
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 : The Authority found that core survey functions were carried out by unlicensed personnel. It held that such outsourcing violated re...
Corporate Law : The regulator cancelled a surveyor’s licence after finding false records, mismatched filings, and inaccurate disclosures. The ru...
Corporate Law : The case involved submission of a forged diploma for obtaining and renewing a licence. The Authority held that continued reliance ...
Corporate Law : IRDAI delegates Section 34 powers between Whole Time Members and Chairperson. The move aims to streamline enforcement actions and ...
Corporate Law : The notification addressed mandatory reinsurance cession for general insurance policies. It mandates 4% cession to GIC Re, ensurin...
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
Number of such products that can be filed as PoS product is capped at three (3) per insurance company. In addition to these three insurance products, Standard Health Insurance Product— AROGYA SANJEEVANI POLICY is also allowed to be marketed by Point of Sales.
The Objective of Guidelines on Standardization of General Clauses in Health Insurance Policy Contracts s is to standardize the common general clauses incorporated in indemnity based Health Insurance [excluding Personal Accident (hereinafter called as PA) and Domestic / Overseas Travel] products covering Hospitalization, Domiciliary hospitalization and Day care treatment in order to simplify the wordings of general clauses in the policy contracts and ensure uniformity and greater transparency.
Authority has notified IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2019 for allowing 100% Foreign Direct Investment in insurance intermediaries. One of the conditions specified in the said regulation is that the insurance intermediary that has majority shareholding of foreign investors shall take prior permission of the Authority for repatriating dividend.
The health insurance market is having a number of individual health insurance products. Each product has unique features and the insuring public may find it a challenge to choose an appropriate product. Therefore, with the following objectives, the Authority has decided to mandate all general and health insurers to offer the standard individual health insurance product:
Every individual policyholder (including members under family floater policy) covered under an indemnity based individual health insurance policy shall be provided an option of migration at the explicit option exercised by the policyholder;
Migration means, the right accorded to health insurance policyholders (including all members under family cover and members of group health insurance policy), to transfer the credit gained for pre-existing conditions and time bound exclusions, with the same insurer.
All Exposure and Prudential Norms applicable for investments in Mutual Funds covered under Para 1.3 of Master Circular – Investments shall apply for investment made in Debt ETFs, in addition to the following conditions:
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA MASTER CIRCULAR ON POINT OF SALES PRODUCTS AND PERSONS – LIFE INSURANCE IRDAI/LIFE/CIR/MISC/215/12/2019 2nd December, 2019 VER-01 2nd December, 2019 Master Circular on Point of Sales Products and Persons — Life Insurance 1. The Authority had issued the following Guidelines in order to give an added fillip in providing easy access to […]
