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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Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance

Corporate Law - There shall be a ‘Board-approved policy’ set up by the Insurer containing ects relating to operational matters, accounting (including provisioning requirements) and disclosures for addressing the issue pertaining to cancellation of policy including claw-back of commission....

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Exposure Draft on Long-Term Fire Insurance products 

Corporate Law - Authority issued Guidelines relating to Fire and Allied perils standard products covering Dwellings, Micro and Small businesses, namely, - Bharat Griha Raksha (BGR), - Bharat Sookshma Udyam Suraksha (BSUS) and - Bharat Laghu Udyam Suraksha (BLUS)...

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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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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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IRDAI cautioned Acko Insurance to Comply advertisement guideline

Ref: IRDAUNUORD/MISC/110/05/2023 - (22/05/2023) - Insurer is cautioned to exercise care and diligence in releasing advertisements and not to quote features/benefits that are applicable under extreme/exceptional scenarios. Insurer is further directed to strictly comply in letter and spirit with the relevant IRDAI (Insurance Advertisements and Disclo...

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IRDAI Modifies Surety Insurance Guidelines to Expand Market & Ease Solvency Requirements

Ref: IRDAI/NL/CIR/SIC/104/5/2023 - (15/05/2023) - The Insurance Regulatory and Development Authority of India (IRDAI) has announced modifications to the Surety Insurance Guidelines, aiming to develop and expand the Surety Insurance Bonds market. The revisions include replacing solvency margin requirements, reducing the control level from 1.875 to 1...

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IRDAI Introduces Dedicated Email IDs for Communication on Registration & NOC Applications

Ref:IRDA/INT/CIR/MISC/ 108/05/2023 - (19/05/2023) - IRDAI has announced the introduction of dedicated email addresses for applicants seeking No Objection Certificates (NOC), Certificates of Registration (CoR), or other related communications....

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IRDAI Task Force to facilitate ease of doing KYC & allied matters using Aadhaar

Orders No. Ref. IRDAUGA&HR/ORD/CMT/105/05/2023 - (15/05/2023) - UIDAI framework allows insurance companies to identify the customer by using his/her Aadhaar with consent management. In the absence of the Unique Customer Identification in the insurance sector, insurance companies are facing various issues while providing the services and claims apart from ease of...

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Surrogacy Act, 2012 and ART Act, 2021 and relevant Insurance Rules thereunder

Circular No. IRDAI/HLT/CIR/PRO/01/05/2023 - (10/05/2023) - Insurance coverage/Guarantee for oocyte donor. (i) The Intending couple or woman will purchase a general health insurance coverage in favor of oocyte donor for a period of 12 months from an insurance company or an agent recognized by the Insurance Regulatory and Development Authority established und...

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Recent Posts in "IRDA"

IRDAI cautioned Acko Insurance to Comply advertisement guideline

Ref: IRDAUNUORD/MISC/110/05/2023 22/05/2023

Insurer is cautioned to exercise care and diligence in releasing advertisements and not to quote features/benefits that are applicable under extreme/exceptional scenarios. Insurer is further directed to strictly comply in letter and spirit with the relevant IRDAI (Insurance Advertisements and Disclosure) Regulations...

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IRDAI Modifies Surety Insurance Guidelines to Expand Market & Ease Solvency Requirements

Ref: IRDAI/NL/CIR/SIC/104/5/2023 15/05/2023

The Insurance Regulatory and Development Authority of India (IRDAI) has announced modifications to the Surety Insurance Guidelines, aiming to develop and expand the Surety Insurance Bonds market. The revisions include replacing solvency margin requirements, reducing the control level from 1.875 to 1.5 times, and eliminating the 30% exposu...

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IRDAI Introduces Dedicated Email IDs for Communication on Registration & NOC Applications

Ref:IRDA/INT/CIR/MISC/ 108/05/2023 19/05/2023

IRDAI has announced the introduction of dedicated email addresses for applicants seeking No Objection Certificates (NOC), Certificates of Registration (CoR), or other related communications....

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IRDAI Task Force to facilitate ease of doing KYC & allied matters using Aadhaar

Orders No. Ref. IRDAUGA&HR/ORD/CMT/105/05/2023 15/05/2023

UIDAI framework allows insurance companies to identify the customer by using his/her Aadhaar with consent management. In the absence of the Unique Customer Identification in the insurance sector, insurance companies are facing various issues while providing the services and claims apart from ease of onboarding the customers, circumventing...

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Surrogacy Act, 2012 and ART Act, 2021 and relevant Insurance Rules thereunder

Circular No. IRDAI/HLT/CIR/PRO/01/05/2023 10/05/2023

Insurance coverage/Guarantee for oocyte donor. (i) The Intending couple or woman will purchase a general health insurance coverage in favor of oocyte donor for a period of 12 months from an insurance company or an agent recognized by the Insurance Regulatory and Development Authority established under the provisions of the Insurance Regul...

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Draft Guidelines on Remuneration of Non-Executive Directors & KMPs of Private Sector Insurers

Guidelines on Remuneration of Non-Executive Directors and Key Managerial Persons of Private Sector Insurers give more clarity to the extent of variable pay with respect to the total remuneration of Directors and KMPs, Variable Pay Deferral, Malus and Clawback provisions, Accounting, Disclosures, etc. and...

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Draft IRDAI (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2023

Ref: IRDAI/Life/Advt./REG/5/2023 04/05/2023

Draft Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (Amendment) Regulations, 2023...

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IRDAI Information and Cyber Security Guidelines, 2023

IRDAI/GA&HR/GDL/MISC/88/04/2023 25/04/2023

Revised Guidelines are hereby issued in order to enable the insurance industry to strengthen their defenses as well as related governance mechanism to deal with such emerging cyber threats....

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Master Circular on Registration of Indian Insurance Company, 2023

Ref: IRDAI/F&I/CIR/RIC/90/4/2023 24/04/2023

Insurance Regulatory & Development Authority Master Circular Ref: IRDAI/F&I/CIR/RIC/90/4/2023 Date: 24.04.2023 Master Circular on Registration of Indian Insurance Company, 2023 The Authority has notified the IRDAI (Registration of Indian Insurance Companies) Regulations, 2022 (herein after referred to as “Regulations”...

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Order on Procedure for implementation of Section 12A of WMD Act, 2005

Circulars No. IRDAI/IID/CIR/MISC/86/4/2023 19/04/2023

Procedure for Implementation of Section 12A of Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 (WMD Act)...

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