IRDA

Solvency Margin & Insurance Companies/Insurance Sector

Corporate Law - Insurance Companies are considered in the category of Financial Companies in India. Insurance industry involves public participation at large. General Public become policyholders /stakeholders in insurance companies. The are putting their hard-earned monies to secure their future from various types of risks. Insurance Development Regulato...

Concept of Own Risk Solvency Assessment (ORSA)

Corporate Law - The insurance companies being a financial institution prone to various types of risks. They treated as custodian to the funds of general public and hence to serve its policyholders properly they have to manage and mitigate various types of risk. These companies are taking risks of general public in lieu of payment of small amount [&hellip...

Concept of Reinsurance and Risk Management

Corporate Law - CONCEPT OF REINSURANCE The Insurance companies generally take risks of insured in return for the premium. We know that these insurance companies are also prone to various types of risks. Since they are engaged in Financial Services and hence risks related to finance is huge in modern scenario. These risks increase more and more after [&...

Return of Premium Under a Contract of Insurance

Corporate Law - Insurance is playing a vital role in our life now days. After this COVID-19 pandemic, we have realized the importance of insurance and government has also provided various facilities to general public to secure their lives and properties from various types of risks. Through insurance we shall reduce the impact of risk insured. The risk m...

Four changes applicable from 1st August, 2020

Corporate Law - From 1st August, 2020 some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing old one. These changes include the rate of contribution in EPF, change in insurance, interest rate rules on bank accounts. EPF will be deducted @ 12% The Finance Minister announced that monthly […]...

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IRDAI Advises All Insurance Firms For Issuance of Digital Insurance Policies Via Digilocker

Corporate Law - IRDAI advises all Insurance companies for issuance of Digital Insurance Policies via DigiLocker, It will lead to better customer experience with faster claims processing and settlement, reduction in disputes and reduction in fraud...

IRDAI Report of Committee for Review of MISP Guidelines

Corporate Law - The committee is of the view that, given the potential opportunity for motor insurance business through the MISPs, there is a need to develop and strengthen regulatory framework and supervision activities for this distribution channel. It was also suggested that the registration, operational and code of conduct requirements across similar...

Exposure draft on IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2021

Corporate Law - To give a fillip to insurance penetration and to facilitate innovations in the insurance sector, especially those triggered by technology the IRDAI notified the IRDAI (Regulatory Sandbox) Regulations, 2019 on 26th July, 2019. The Regulations are valid for a period of 2 years from the date of publication in the official gazette....

IRDAI announces Insurance Research Grant Scheme

Corporate Law - Insurance Regulatory and Development Authority of India (IRDAI) sponsors proposals under IRDAI Research Grant Scheme, which provides opportunities for research in the field of Insurance. IRDAI welcomes theoretical or applied research work in the areas related to policyholder’s protection, consumer education and issues adjunct with order...

IRDAI informs public on revision in Health Insurance Premium

Corporate Law - There are some reports in the media about hike in health insurance premium rates by general and health insurers. Some of the news items attributed the increase in health insurance premiums to certain recent regulatory initiatives taken by IRDAI....

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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...

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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Insurance Ombudsman (Amendment) Rules, 2021

G.S.R. 147(E) - (02/03/2021) - 1. (1) These rules may be called the Insurance Ombudsman (Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette....

IRDAI release formats for collection of Rural Insurance data

Ref. No: IRDAI/NL/CIR/MISC/033/2021 - (02/03/2021) - In order to monitor the performance of Rural Insurance Business and support the development of policy and regulation for promoting rural insurance business, it is necessary to analyses data pertaining to Rural Insurance. It has therefore been decided to collect data as follows:...

Health insurance policy Information to be given to policyholders

Ref: IRDAI/HLT/REG/CIR/038/03/2021 - (01/03/2021) - While the policy document is forwarded with relevant information, in order to continue the relationship with policyholders and to ensure information flow, it is considered. important to periodically notify the policyholders. pertain relevant and key details relating to health insurance coverage avai...

Guidelines on Standard Personal Accident Insurance Product

Ref. No:IRDA/HLT/GDL/MISC/036/02/2021 - (25/02/2021) - The insurance market is having a wide variety of personal accident insurance products. Each product has unique features and the insuring public may find it a challenge to choose an appropriate product. Therefore, with the objective of having a standard product with common coverage and policy wording...

Prudent management of financial resources of insurers in context of Covid-19

Ref. No:IRDA/F&A/CIR/MISC/032/02/2021 - (25/02/2021) - The Authority has been assessing the economic position both at global level and at the Indian context, in general and the insurance sector in particular. The situation has been assessed based on the financial results of insurers for the quarters ending 30th September, 2020 and 31st December 2020....

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