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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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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...
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Attention is invited to Regulation 2 (d) of IRDA (Insurance Advertisements and Disclosures) Regulations, 2000 & Part – IV of Guidelines for Unit Linked Life Insurance Products issued vide Circular 032/IRDA/ACTL/Dec-2005 dated December 21, 2005 with regard to insurance advertisements .
The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years.
All Unit Linked Products to Offer Minimum Return to Policyholders from 6th Year Onward Unit Linked Pension Products to Ensure Minimum Guaranteed Return on Maturity Locking Period Increased From Three to Five Years The Insurance Regulatory & Development Authority (IRDA) has informed that recently they have issued the following circulars for the benefit of the […]
In order to facilitate smooth transition of eligible entities from existing referral arrangements to Corporate Agency system for complying with the IRDA (Sharing of data base for distribution of insurance product) Regulations, 2010, it has been decided by the Authority to waive CIE qualification requirement for a period of two months effective from 12.08.2010 to 11.10.2010.
“I am hopeful that cashless mediclaim treatment would be fully restored in 7 days. Going forward we will see the component of co-pay gaining more importance. There would be different premiums for different hospitals,” Max Healthcare Institute MD Pervez Ahmed said after a CII initiated meeting of hospitals and the Third Party Administrators (TPAs).
Insurers are aware that the Authority has issued IRDA (Sharing of Database for Distribution of Insurance Products) Regulations, 2010 under which “every insurer shall forthwith terminate all the referral arrangements entered into prior to the coming into effect of these regulations that are not in conformity with the provisions of these regulations”.
The Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) disregarded the Finance Minister’s suggestion to “jointly seek a binding legal mandate from an appropriate High Court” on which body had jurisdiction over Unit Linked Insurance Plans (ULIPs). That is why the Government had to issue an Ordinance on the ULIPs issue. This was stated by the Finance Minister, Mr Pranab Mukherjee, in the Lok Sabha on Monday.
Finance Minister Pranab Mukherjee on Monday allayed fears of withdrawal of the cashless mediclaim facility by public sector general insurance companies, saying these firms have not done away with these schemes and are only standardising the rates for various hospitals.
Allaying RBI’s fears, the government on Tuesday proposed to elevate its governor’s post in the proposed joint mechanism to address the differences among financial regulators over hybrid products. The legislation, Securities and Insurance Laws (Amendment) and Validation, Bill 2010, presented in the Lok Sabha to replace the ULIP Ordinance, also seeks to have a joint committee to resolve the differences among the financial regulators – SEBI, IRDA, RBI and PFRDA. The committee will be headed by Finance Minister Pranab Mukherjee.
The Union Finance Minister, Mr Pranab Mukherjee, on Tuesday said the Insurance Regulatory and Development Authority and the Planning Commission will develop a framework to give a further fillip to infrastructure financing by the insurance industry. “Insurance sector has contributed immensely for infrastructure development.
