IRDA

Incorporation of Insurance Broking Company

Corporate Law - As per requirement of Ministry of Corporate Affairs, to use the word Insurance, prior no-objection certificate shall be obtained from IRDAI....

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IDRA modifies definition of Critical Illnesses for Health Insurance Products

Corporate Law - Modifications in Definition of Critical Illnesses Prescribed In Guidelines on Standardization in Health Insurance Products Reference: IRDAI/HLT/REG/CIR/104/5/2022 27.5.2022 Date: 27/05/2022 The extant IRDAI (Health Insurance) Regulations 2016 were notified on 18th July, 2016 superseding IRDA (Health Insurance) Regulations 2013. The Guidel...

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Adhering Timelines of Award Settlement as Per Rule 17(6) of Insurance Ombudsman Rules, 2017

Corporate Law - Adhering the Timelines of Award Settlement as Per Rule 17(6) of Insurance Ombudsman Rules, 2017 Reference: IRDAI/CAD/CIR/MISC/105/5/2022 Dated: 26th May,2022 The Authority undertook comprehensive review of pending cases of all offices of Insurance Ombudsman. As per the data obtained from Council for Insurance Ombudsmen, there are total 7...

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IRDAI (Investment) (Fifth Amendment) Regulations, 2013

Corporate Law - As you are aware that every insurance company carrying insurance or reinsurance business in India shall invest and keep invested his total assets according to the provisions of Section 27 & 27A of the Insurance Act, 1938 as amended the Insurance Laws (Amendment) Act, 2015 read with IRDAI (Investment) Regulations, 2000 as amended by IR...

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Analysis of IRDAI (Surety Insurance Contracts) Guidelines, 2022

Corporate Law - IRDAI (Surety Insurance Contracts) Guidelines, 2022 shall be applicable to all Insurers registered under the Insurance Act, 1938, to transact the business of general insurance and Surety Insurance, subject to compliance with eligibility criteria as set out in these guidelines....

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Insuring India by 2047 – New landscape for Insurance Sector

Corporate Law - IRDAI has committed to enable ‘Insurance for All’ by 2047, where every citizen has an appropriate life, health and property insurance cover and every enterprise is supported by appropriate insurance solutions and also to make Indian insurance sector globally attractive....

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Draft IRDAI (Re-insurance) (First Amendment) Regulations, 2022

Corporate Law - Every Indian Re-insurer including Foreign Re-insurance Branches (FRBs) shall maintain a minimum retention within India of 50% of Indian reinsurance business underwritten. Any retrocession to an IIO up to 20% of Indian reinsurance business underwritten shall be reckoned towards the required minimum retention of 50%....

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Draft IRDAI (Expenses of Management of Insurers Transacting Health & General Insurance Business) Regulations, 2022

Corporate Law - Salient features of the Draft IRDAI (Expenses of Management of Insurers Transacting Health & General Insurance Business) Regulations, 2022 are as under -   Regulations supersede the IRDAI (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2016...

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Exposure draft- IRDAI (Payment of Commission) Regulations, 2022

Corporate Law - Draft IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations 2022 is revised to IRDAI (Payment of Commission) Regulation 2022....

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Draft IRDAI (EOM of Insurers Transacting Life Insurance Business) Regulations, 2022

Corporate Law - Key changes being proposed in Draft IRDAI (EOM of Insurers Transacting Life Insurance Business) Regulations, 2022 are as under - Introduction of Objective Clause - To enable and give flexibility to the insurers to manage their expenses within overall limits based on their gross written premium to optimally utilize their resources for enha...

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Approve Insurance claim of COVID-19 patients in 30 to 60 Minutes: HC

Vinay Jaidka Vs Chief Secretary (Delhi High Court) - Vinay Jaidka Vs Chief Secretary (Delhi High Court) Abhishek Nanda, ld. Counsel who appears for the Insurance Regulatory and Development Authority of India (hereinafter, “IRDAI”) was requested to appear before the Court. He submits that recently, the IRDAI has issued press releases dated 22nd Apr...

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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....

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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...

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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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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...

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Ayushman Bharat Digital Mission (ABDM) adoption by Doctors

Ref: IRDAI/NL/CIR/MISC/231/11/2022 - (17/11/2022) - General Insurers are advised to consider capturing / collecting HPR ID as a verification to validate / authenticate medical practitioners while issuing / renewing policies for Medical Malpractice under Professional Indemnity cover....

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IRDAI Circular on Participation in Account Aggregator Framework

Circular No. IRDAI/IID/CIR/MISC/229/11/2022 - (14/11/2022) - AA is Non-Banking Finance Company that provides service of retrieving or collecting financial information from Financial Information Providers (FIP) pertaining to a customer and consolidating, organizing and presenting such information to the customer or any other Financial Information User (FIU), o...

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Master Circular IRDA (Investment) Regulations, 2016

Ref. No: IRDA/F&I/CIR/INV/226/10/2022 - (27/10/2022) - The Insurer has to adhere to the Client level and Participant level position limits prescribed by SEBI and stock exchange while undertaking SLB. Insurer can only lend securities to the extent of not more than 10% quantity of those “scrips” of that particular fund(s). These prescribed limits shal...

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IRDAI Master Guidelines on AML/CFT 2022 – extension of time for Implementation

Ref: IRDAI/IID/GDL/MISC/225/10/2022 - (26/10/2022) - INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Circular Ref: IRDAI/IID/GDL/MISC/225/10/2022 | Dated: 26.10.2022 To, All General and Health Insurers Sub: – Master Guidelines on AML/CFT 2022 – extension of time for Implementation This has reference to Master Guidelines on Anti-Money ...

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IRDAI permits Repatriation of excess Assigned Capital by FRBs/Lloyd’s India

Ref: IRDAI/REIN/CIR/MISC/224/10/2022 - (26/10/2022) - The request to repatriate the assigned capital shall be submitted by the Foreign Reinsurer, who is engaged in reinsurance business through a branch established in India, justifying the reasons for such request;...

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Recent Posts in "IRDA"

Insuring India by 2047 – New landscape for Insurance Sector

IRDAI has committed to enable ‘Insurance for All’ by 2047, where every citizen has an appropriate life, health and property insurance cover and every enterprise is supported by appropriate insurance solutions and also to make Indian insurance sector globally attractive....

Read More
Posted Under: Corporate Law |

Draft IRDAI (Re-insurance) (First Amendment) Regulations, 2022

Every Indian Re-insurer including Foreign Re-insurance Branches (FRBs) shall maintain a minimum retention within India of 50% of Indian reinsurance business underwritten. Any retrocession to an IIO up to 20% of Indian reinsurance business underwritten shall be reckoned towards the required minimum retention of 50%....

Read More
Posted Under: Corporate Law |

Draft IRDAI (Expenses of Management of Insurers Transacting Health & General Insurance Business) Regulations, 2022

Salient features of the Draft IRDAI (Expenses of Management of Insurers Transacting Health & General Insurance Business) Regulations, 2022 are as under -   Regulations supersede the IRDAI (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2016...

Read More
Posted Under: Corporate Law |

Exposure draft- IRDAI (Payment of Commission) Regulations, 2022

Draft IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations 2022 is revised to IRDAI (Payment of Commission) Regulation 2022....

Read More
Posted Under: Corporate Law |

Draft IRDAI (EOM of Insurers Transacting Life Insurance Business) Regulations, 2022

Key changes being proposed in Draft IRDAI (EOM of Insurers Transacting Life Insurance Business) Regulations, 2022 are as under - Introduction of Objective Clause - To enable and give flexibility to the insurers to manage their expenses within overall limits based on their gross written premium to optimally utilize their resources for enha...

Read More
Posted Under: Corporate Law |

Ayushman Bharat Digital Mission (ABDM) adoption by Doctors

Ref: IRDAI/NL/CIR/MISC/231/11/2022 17/11/2022

General Insurers are advised to consider capturing / collecting HPR ID as a verification to validate / authenticate medical practitioners while issuing / renewing policies for Medical Malpractice under Professional Indemnity cover....

Read More

IRDAI Circular on Participation in Account Aggregator Framework

Circular No. IRDAI/IID/CIR/MISC/229/11/2022 14/11/2022

AA is Non-Banking Finance Company that provides service of retrieving or collecting financial information from Financial Information Providers (FIP) pertaining to a customer and consolidating, organizing and presenting such information to the customer or any other Financial Information User (FIU), on the basis of explicit consent of the c...

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Master Circular IRDA (Investment) Regulations, 2016

Ref. No: IRDA/F&I/CIR/INV/226/10/2022 27/10/2022

The Insurer has to adhere to the Client level and Participant level position limits prescribed by SEBI and stock exchange while undertaking SLB. Insurer can only lend securities to the extent of not more than 10% quantity of those “scrips” of that particular fund(s). These prescribed limits shall be adhered at the time of lending...

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IRDAI Master Guidelines on AML/CFT 2022 – extension of time for Implementation

Ref: IRDAI/IID/GDL/MISC/225/10/2022 26/10/2022

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Circular Ref: IRDAI/IID/GDL/MISC/225/10/2022 | Dated: 26.10.2022 To, All General and Health Insurers Sub: – Master Guidelines on AML/CFT 2022 – extension of time for Implementation This has reference to Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrori...

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IRDAI permits Repatriation of excess Assigned Capital by FRBs/Lloyd’s India

Ref: IRDAI/REIN/CIR/MISC/224/10/2022 26/10/2022

The request to repatriate the assigned capital shall be submitted by the Foreign Reinsurer, who is engaged in reinsurance business through a branch established in India, justifying the reasons for such request;...

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