IRDA

FAQ’s on Insurance Ombudsman Rules 2017

Corporate Law - Any person including a sole proprietor, micro entrepreneur, members covered in a group insurance policy who has a grievance against an insurer may by himself or through his legal heirs, nominee or assignee or employer as the case may be can approach an Insurance Ombudsman for Redressal of any grievance arising out of an insurance policy b...

Why a personal accident insurance policy is the first insurance that you should buy?

Corporate Law - Chances are high that you might have already bought term and health insurance policies and now you are happy that you have properly protected yourself. But before you put your insurance planning on a back seat, it is necessary to find out the gap in your insurance portfolio....

Convergence to IFRS (Ind AS) – Indian Insurance scene

Corporate Law - Insurers are supposed to adopt (Ind AS) as per above timelines though they would have been sending proforma (Ind AS) financial standards to IRDA from the quarter ended December 31, 2016 onwards. ...

Analysis of Stewardship Code for Insurers in India

Corporate Law - IRDA in its exposure draft has defined 7 Principles of Stewardship which an insurance company as an institutional investor will be required to adopt. Intention of Stewardship Code is to strengthen role of insurers as stewards on behalf of policyholders....

Why should MNC’s buy insurance in India?

Corporate Law - Generally speaking ,policies issued abroad are illegal in India ;i.e., insurance documents required in this country must be issued by a licensed insurer in India....

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Second Amendment to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016

Corporate Law - Attention is drawn to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016 notified on 14th December, 2016 in the official gazette....

Unclaimed Deposits in Banks and Insurance Companies

Corporate Law - (i) All insurers are required to display the information about any unclaimed amount above Rupees 1000/- of Policyholders in their respective web-site. (ii) A facility shall be given in the web-site of the insurer to enable Policyholders / or its dependents to find out whether any unclaimed amounts due to them are lying with the insurer....

Seven foreign Re-insurers to set up branches in India

Corporate Law - Seven foreign Re-insurers to set up branches in India The Insurance Regulatory and Development Authority of India (IRDAI) has issued Certificate of Registration to Seven foreign Re-insurers to set up branches in India. The details are as follows: 1)Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft. 2) Swiss Reinsurance Company L...

Report of Implementation Group on Ind AS in Insurance Sector in India

Corporate Law - The need for uniform reporting of financial statements of business entities is an off shoot of globalization. India, being an important player, in the evolving world economy, needs to respond to international trends. With several businesses operating across borders and reaching international capital markets, there is a need for establishi...

Key Changes of IRDAI (Health Insurance) Regulations, 2016

Corporate Law - Under Health plus Life Combi Product, Combination of any Life Insurance cover offered by a life insurer and a Health Insurance cover offered by General Insurer or Health Insurer is allowed....

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Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act

New India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....

Insurance company liable to pay compensation till vehicle owner’s name is in register

Pushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - 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 m...

Recent Supreme Court Judgment Misinterpreted to Infer That Date Of Rejection of A Claim is Irrelevant

Limitation period means the time within which a person must file his case before a judicial authority for exercising his rights. This period is to be calculated from the date of the cause of action. This term does not have any definition, but it is well settled that “cause of action” is a mixed ...

Payment for non-compete right is not an intangible asset eligible for depreciation

M/s Srivatsan Surveyors P. Ltd. Vs. Income Tax Officer (ITAT Chennai) - Srivatsan Surveyors Pvt. Ltd. ('Appellant') is engaged in the business of licensed surveyors and loss assessors under the Insurance Act, 1938. The Appellant entered into a non-compete covenant with its director, Mr. Srivatsan and paid a sum of Rs.10 million, on which depreciation was claimed, treati...

Applicability of TDS in case of Third Party Administrator (TPA) providing health insurance claim services

The Medi Assist India TPA Pvt. Ltd. Vs DCIT (TDS) [Karnataka High Court] - Having regard to the agreement entered into inter se between the hospital and the TPA for payment of money to the hospital, it cannot be said that the TPA, who is the authority or the person to pay the amount to the hospital, is not required to deduct the tax at source and section 194J is not attrac...

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Clarifications on Guidelines on insurance e-commerce and electronic issuance of insurance policies

IRDA/ BRK/ CIR/ INSRE/211/09/2017 - (07/09/2017) - The Authority as part of its developmental mandate and to reach out to the policyholders in a cost efficient manner has taken number of steps. This includes issuing revised guidelines on insurance repositories, insurance e-commerce, issuance of electronic insurance policies, maintenance of electroni...

Modification to Guidelines on Point of Sales (POS) – Life Insurance

Ref: IRDAI/LIFE/CIR/MISC/POS/185/08/2017 - (08/08/2017) - Annexure –I (a) – Pure Term Insurance Product with or without return of Premium wherein the maximum Limit of Sum Assured under the Pure Term Product was capped up to Rs 25 Lakhs (excluding ADB Rider) Only...

IRDA Guiding Principles for Pricing of Risk

Circular No. IRDA/NL/MISC/PRO/115/05/2017 - (09/05/2017) - 1) The Loss Costs for Fire line of business published by IIBI in the 2nd Schedule of Loss Costs for various occupancies is to be considered in determining the premium rates. 2) In the alternative, the Loss Cost of a particular occupancy based on the Insurer`s own past acceptances may be considered, ...

IRDA: Revival Option under discontinued Unit Linked Policies

Ref No. IRDA/ACT/CIR/ULIP/113/05/2017 - (05/05/2017) - It has come to the notice of the Authority that few insurers are interpreting the captioned circular in a manner which would delay the release of fund value under discontinued unit linked products even when the policyholders have opted for complete withdrawal within the lock-in period or when no opt...

Master Circular on IRDAI (Investment) Regulations, 2016

Version 2 of Master Circular - (03/05/2017) - The Authority, to enforce IRDAI (Investment) Regulations, had issued various Circulars and Guidelines at different times. This Master Circular covers all Circulars, Guidelines which are effective to date, to serve as one stand point reference. While due care had been taken to prepare this Master Cir...

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