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...
Insurance- Spurious calls identifying themselves as IRDA Employees in a bid to sell Insurance policies Circular No. CAD/1/10-11, dated 21-1- 2011 The Authority has received complaints from various Individuals about certain spurious calls as mentioned above. While IRDA has already filed a police complaint at New Delhi and also issued a notice cautioning the public […]
Circular No. IRDA/F&A/CIR/SOLVN/011/01/2011, dated 27-1-2011 Various general insurance companies are running health insurance schemes which are sponsored/subsidized by Central/State Government. However, the premium of such schemes are not paid upfront but paid at a later stage. The IRDA (Assets, Liabilities and Solvency Margins of Insurers) Regulations, 2000 lay down the manner of computation of solvency […]
Insurance watchdog Irda today said the guidelines for public float of life insurance companies will be ready this fiscal, while the non-life may take more time. “Initial Public Offering (IPO) guidelines for life insurance companies will be out soon.
The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner might have handed over possession of the vehicle to the buyer, but he and his insurer continued to be liable to pay compensation to third parties if the insurance policy is in his name. In this case, Pushpa vs Shakuntala, the owner sold the truck to another person. But the vehicle was insured by Oriental Insurance Company in the previous owner’s name. There was an accident killing three persons. Their dependents moved the motor accident claims tribunal against Oriental and the previous owner. The tribunal and the Himachal Pradesh high court held that the previous owner had no liability as he was no longer the owner of the vehicle. They ruled that the new owner alone was liable to pay. The dependents appealed to the Supreme Court. The insurance company argued in the Supreme Court that the liability should entirely be that of the new owner as the old owner had lost control of the vehicle after the sale. Reversing this view, the Supreme Court made the insurance company liable to pay the compensation amount.
CIRCULAR NO. IRDA/TPA/GDL/CIR/008/01/2011, DATED 12-1-2011 1. It has come to the notice of the Authority that in some instances policyholders could not get cashless facility at the hospital approached, due to change in the network hospitals and/ or the servicing TPA by the insurers, about which the policyholder was not properly informed. 2. Where the […]
The Insurance Regulatory and Development Authority (Irda) today asked insurance companies to refrain from charging policyholders differential premium without prior approval of the watchdog. In the papers submitted to Irda before launching any product
CIRCULAR NO. IRDA/F&A/CIR/217/12/2010, DATED 27-12-2010 Authority has observed that there is no uniform approach followed by the insurers for transfer of the surplus to the Profit & Loss Account. A few of the insurers are doing it on quarterly basis while a few are doing on yearly basis. In view of the same, it is […]
ORDER NO. : IRDA/F&A/ORD/EMT/203/12/2010, DATED 8-12-2010 On the recommendation of the General Insurance Council vide letter dated November 22, 2010, the Authority hereby exercises powers vested under the proviso to section 40C(1) of the Insurance Act, 1938. In accordance therewith, the companies listed at Annexure shall be deemed to be not in violation of the […]
Insurance : Committee on Commercial Motor Third Party Liability Cover ORDER NO. IRDA/NL/ORD/MPL/212/12/2010, DATED 17-12-2010 1. Offering Motor third party liability cover to commercial vehicles has been a challenge for non-life insurers in view of the tariff controls prevailing and non availability of credible data and statutory provisions. The Authority, vide direction dated 4th December […]
CIRCULAR NO. IRDA/NL/CIR/CRE/205/12/2010, DATED 13-12-2010 Introduction :- The Authority has reviewed the credit insurance products being offered by Indian Insurers and is of the view that there is a need to standardize the features of these products and their administration. To ensure that the business of trade credit insurance is carried out according to sound […]
