Corporate Law - As per requirement of Ministry of Corporate Affairs, to use the word Insurance, prior no-objection certificate shall be obtained from IRDAI....
Read MoreCorporate 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...
Read MoreCorporate 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...
Read MoreCorporate 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...
Read MoreCorporate 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....
Read MoreCorporate 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....
Read MoreCorporate 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)...
Read MoreCorporate 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....
Read MoreCorporate 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%....
Read MoreCorporate 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...
Read MoreVinay 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...
Read MoreNew 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....
Read MorePushpa @ 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...
Read MoreThe 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...
Read MoreM/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...
Read MoreRef: 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...
Read MoreRef: 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...
Read MoreRef: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....
Read MoreOrders 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...
Read MoreCircular 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...
Read MoreRef: IRDAUNUORD/MISC/110/05/2023 - 22/05/2023
Ref: IRDAI/NL/CIR/SIC/104/5/2023 - 15/05/2023
Ref:IRDA/INT/CIR/MISC/ 108/05/2023 - 19/05/2023
Orders No. Ref. IRDAUGA&HR/ORD/CMT/105/05/2023 - 15/05/2023
Circular No. IRDAI/HLT/CIR/PRO/01/05/2023 - 10/05/2023
Ref: IRDAI/Life/Advt./REG/5/2023 - 04/05/2023
IRDAI/GA&HR/GDL/MISC/88/04/2023 - 25/04/2023
Ref: IRDAI/F&I/CIR/RIC/90/4/2023 - 24/04/2023
Circulars No. IRDAI/IID/CIR/MISC/86/4/2023 - 19/04/2023