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...
The Authority had revised the Corporate Governance guidelines for insurance companies in 2016, which combined the stipulations regarding the form and composition of the Board, the Appointment and qualifications of Directors and Key Management Persons (KMPs), appointment of Auditors, etc.
IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations 2016 comes into force with effect from 1st April, 2017.
Reference is drawn to Guidelines on Point of Sales Person – Non-Life and Health dated 26th October, 2015 facilitating insurance companies and insurance intermediaries to appoint point of sales person to solicit and market largely pre-underwritten products.
In order to address the implementation issues, the Authority had constituted the Implementation Group on Ind-AS in Insurance Sector in India. The group has submitted its report on 30th December 2016.
Insurers can invest in Units of REITs / InvITs which conform to the following: i. The REIT /InvIT rated not less than AA shall form part of Approved Investments. REIT / InvIT rated less than AA shall form part of Other Investments.
The Chief Executive Officer and the compliance officer of applicant’s ISNP shall file with the Authority annually a compliance certificate certifying that the information displayed on the webs-site, the processes, procedures and any other mechanism by whatever name called. displayed and implemented on the platform were in compliance to the these guidelines at all times.
If the reinsurance/ composite broker has un-reconciled outstanding unsettled clients money lying with them, they shall transfer the same in a separate bank account under intimation to the Authority with full details of the bank account.
For the financial year 2017-18, the Third Party insurance premiums rates for various categories of vehicles have been arrived at as follows:
The Authority issued Guidelines on Claim Processing for Group Life Insurance Policies under Lender Borrower Schemes vide cir ref: IRDA/Life/Cir/GDL/285/12/2014 dated 29/12/2014 which provided that insurers may settle the outstanding loan amounts to certain categories of Master Policyholders prescribing therein the procedure to be adopted.
Cyber security in financial sector has gained importance, more so with the advent of technological innovations. In this connection, IRDAI has planned to come out with a comprehensive Information and cyber security framework for Insurance sector covering various aspects for designing a suitable information & cyber security policy by the regulated entities, establishment of appropriate Governance structure for implementation of Information & Cyber Security policy and audit mechanism to mitigate cyber risks.
