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...
‘Orphan life insurance policies’for the purpose of these Guidelines, means the policies initially effected by an individual insurance agent whose services were subsequently terminated or removed or deleted from the rolls of the insurer excluding those policies to which the effecting agent is entitled to renewal commission under provisions of Section 44 of the Insurance Act. The policies that are considered eligible under section 40(2A) of Insurance Act also do not fall under the purview of this definition.
The IRDA had issued guidelines for pension products vide references 1st and 2nd cited. Insurance companies have expressed certain concerns on the provisions in the cited Circulars and have also sought certain clarifications. In view of the above, the following clarifications are issued:
With reference to Para 11 of IRDA circular IRDA/NL/CIR/Cre/205/12/2010 dated 13.12.2010, which mandates non-life insurance companies to submit regular reports to the Authority regarding the performance of Trade Credit Insurance portfolio. With a view to maintain consistency in reporting and better analysis of the credit insurance portfolio, the authority has devised certain forms for reporting under credit insurance, which are presented in the table below:
The Authority is in the process of implementing a module which would enable online submission of applications for enrolment/grant of fresh/ renewal license to Surveyors and Loss Assessors. In this connection all existing licensed Surveyors and Loss Assessors (Individual and Corporate) and Trainees enrolled with IRDA w.e.f April 2011 are required to provide the following information in the relevant form annexed to this circular, within 15 days:-
The Authority has issued standard instructions and guidelines applicable for approval/renewal of agents training institutes vide Ref: IRDA/AGTS/CIR/GLD/269/12/2011, dated 7th December, 2011.
Insurers are aware that the Insurance Information Bureau (IIB) which acts as insurance data repository of the Authority has been engaged in collecting, collating and compiling inter alia motor insurance data which are useful to the stakeholders.
Insurance Regulatory and Development Authority (Salary and Allowance payable to and other Terms and Conditions of Services of Chairperson and other members) Amendment Rules, 2012- Amendment in rule 3 Notification No. G.S.R. No.307(E), dated 19-4-2012
The purpose of these regulations is to provide for a standard proposal form for individual policies in Life Insurance that has an inbuilt flexibility for seeking additional /specialized information that is product specific or specific to a particular risk category. The regulations provide for a standard format that consists of four parts, namely (A) Details of the prospect (B). Specialised/Additional information. (C). Needs of the prospect. (D). Recommendation, apart from the required declarations. Sections A, C and D are standard and compulsory and Section B may be modified as required. A separate form is to be collected for each individual life proposed.
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:
