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CIRCULAR No: IRDA/F&A/CIR/ACTS/083/03/2012, dated 30-3-2012 -Please refer to Circular Nos: F&A/CIR/011/MAR-04, dated 23rd March, 2004 and IRDA/F&A/002/Apr-07, dated 16th April 2007 and IRDA/F&A/CIR/014/May-09, dated 29th May, 2009 issued by the Authority on declaration of bonus by life insurance companies which have set up operations post opening up of the sector.
It is hereby informed that the 31st Mar, 2012 of financial year 2011-12 falls on a Saturday. Hence, all Life Insurers, in connection with processing of applications of Unit Linked Business shall apply the following rule:
The Authority refers to its notification no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011 on the captioned subject. As per the said notification the Authority had to review the premium rates for motor third party liability only cover and adjust them annually using the formula:
CIRCULAR No. IRDA/F&I/CIR/INV/69/03/2012, dated 26-3-2012 Under Clause 4 of the reference first cited, Life Insurance Companies are required to compute and declare NAV on a daily basis as per the provisions of Circulars 1, 2 and 3 referred to above. In 2009, a one time relaxation was provided vide communication at SI. No. 4 above.
The Authority has in terms of its Order IRDA/NL/ORD/MPL/277/12/2011, dated 23-12-2011 and IRDA/NL/ORD/MPL/003/01/2012, dated 3rd January, 2012 directed dismantling of the existing IMTPIP with effect from March 31, 2012 and has specified inter alia matters relating to pool reserves and account reserves. The Authority has since received representation from the General Insurance Council (Council) as to the unprecedented difficulty in giving effect to significant and exceptionally large liabilities arising following the dismantling of the IMTPIP in terms of aforesaid orders.
The Authority under Para (13 ‘e’): Manner of Calculating the Obligations, of its order No. IRDA/NL/ORD/MPL/277/12/2011, dated 23rd December, 2011 constituted a committee headed by Chairman, General Insurance Council, representatives of GIC, 2 public sector companies and 2 private sector to work out the methodology for transfer of risks amongst general insurers. The Committee submitted its report which has been accepted by the Authority. In light of those recommendations the Authority hereby orders that the methodology for transfer of risks amongst members of Indian Motor Third Party Declined Risk Insurance Pool (DR POOL) shall be as under:
Notification F.No.IRDA/RI/1/57/2012, dated 15-3-2012 In exercise of the powers conferred by sub-section (2) of section 101A of the Insurance Act, 1938, the Authority, after consultation with the Advisory Committee constituted under section 101B of the Insurance Act, 1938 and with the previous approval of the Central Government, hereby makes the following notification namely:-
Insurance agents are the most important channel of intermediation in the insurance business in India. Recognizing the importance of the agents in the procurement and servicing of insurance policies, the Insurance Act has two specific provisions, namely Section 40(2A) and Section 44 which protect the long term interests of agents. In brief, under provisions of Section 40(2A), lapsed policies which require medical examination prior to revival can be assigned to another agent after giving due notice to the existing agent to revive such policies
On review of the details furnished by the insurers under the aforesaid circulars, certain discrepancies were observed by the Authority. It was also observed that while some of the insurers have robust IT backed systems/processes in place to ensure compliance with the stipulations as regards limits on various expense heads, in case of others there was a felt need for building up such platforms and ensure that they function at the desired levels of effectiveness and efficiency.
This paper seeks to discuss issues relating to tying and bundling insurance policies with other services and goods and how conflicts of interest that arise need to be dealt with. In particular, conflicts of interest that may arise in respect of manufacturers/agencies of automobiles and other goods and services in their role as Corporate Agents or where their group entities are Insurance Brokers need attention.
