IRDA

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...

Read More

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 […]...

Read More

Covid-19 Impact on Insurance Sector

Corporate Law - COVID-19 is affecting the insurance industry in multiple ways; from employee insurance and continuity of business issues to client service obligations and finally to sustain the financial outlook of the company....

Read More

FAQs on Settlement options under ULIPs

Corporate Law - What is a settlement option under ULIP? It is an option to be exercised by the policyholder of a unit linked life insurance policy to receive the maturity proceeds in instalments....

Read More

Solvency Margin And Insurance Companies

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...

Read More

IRDAI cautions against sell of health plans by unauthorized entities

Corporate Law - It has come to the notice of the Authority that some unauthorized entities are professing to be selling health plans by offering discounts on medical treatments or diagnostic tests.  It is hereby clarified that only the IRDAI registered insurance companies, or their authorized agents and intermediaries registered by IRDAI can sell insur...

Read More

FAQs on Guidelines on Arogya Sanjeevani Policy

Corporate Law - 1. Whether all the insurers shall offer ‘Arogya Sanjeevani Policy’? All the General and Standalone Health insurers are mandated to offer Standard Individual Health Insurance Product ‘Arogya Sanjeevani Policy’. However, if any insurer is currently not offering indemnity based health insurance products at all, the ab...

Read More

Domestic Systemically Important Insurers (D-SIIs)

Corporate Law - Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance and domestic and global inter connectedness whose distress or failure would cause a significant dislocation in the domestic financial system. Therefore, the continued functioning of D-SIIs is critical for the uninterrupted availability of i...

Read More

Discount in premium in Corona Kavach Policy to Healthcare Workers

Corporate Law - Insurance companies will provide a 5% discount in premium of Corona Kavach to doctors, nurses and other healthcare workers, in terms of the guidelines issued by IRDAI....

Read More

Cashless facility for treatment of Covid-19

Corporate Law - The Authority is aware of reports that some hospitals are not granting cashless facility for treatment of Covid-19 despite such arrangements with the insurers. It is also brought to the notice of the Authority that some of these hospitals are also demanding cash deposits from the policyholders....

Read More

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....

Read More

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...

Read More

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...

Read More

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...

Read More

Guidelines on Insurance Claims of victims of Floods (Oct 2020)

Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 - (21/10/2020) - Insurance Regulatory and Development Authority of India Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 Date: 21-10-2020 All CEOs /CMDs of all General Insurance Companies and Stand-Alone Health Insurance Companies Re: Guidelines on Insurance Claims of victims of Floods (Oct 2020) in the calamity affected di...

Read More

Report on suitability of offering of Surety Bond by Indian Insurance Industry

Ref. No:IRDAI/NL/WG/SB/375/2020-21 - (19/10/2020) - INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:IRDAI/NL/WG/SB/375/2020-21 Date:19-10-2020 Exposure Draft Re: Report of the Working Group (WG) on suitability of offering of Surety Bond by Indian Insurance Industry A Working Group was set up by the Authority vide order Ref: IRDAI/NLWG...

Read More

IRDAI Working Group to Study Cyber Liability Insurance

Ref. No:IRAID/NL/ORD/MISC/260/10/2020 - (19/10/2020) - Amid the COVID 19 pandemic, there are rising incidences of cyberattacks and a growing number of high-profile data breaches. It is felt that cybersecurity is the most important need for all sectors today to address the numerous risks posed by cyber-attacks....

Read More

Guidelines on Standard Individual Term Life Insurance Product, ‘Saral Jeevan Bima’

Notification No. IRDAI/Life/Cir/Misc/254/10/2020 - (15/10/2020) - Saral Jeevan Bima is a non-linked non-participating individual pure risk premium life insurance plan, which provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term....

Read More

Norms on Renewability, Portability & Migration of Standard COVID Health Policy

Ref: IRDAI/HLT/REG/CIR/253/10/2020 - (13/10/2020) - ‘Corona Kavach’ and ‘Corona Rakshak’ policies of any tenure may be renewed for further terms of three and half months (3 ½ months), six and half months (6 ½ months) or nine and half months (9 ½ months) as per the option exercised by the policyholder. The renewal shall be subject to the un...

Read More

Recent Posts in "IRDA"

Guidelines on Insurance Claims of victims of Floods (Oct 2020)

Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 (21/10/2020)

Insurance Regulatory and Development Authority of India Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 Date: 21-10-2020 All CEOs /CMDs of all General Insurance Companies and Stand-Alone Health Insurance Companies Re: Guidelines on Insurance Claims of victims of Floods (Oct 2020) in the calamity affected districts of Telangana, Andhra Pradesh and...

Read More

Report on suitability of offering of Surety Bond by Indian Insurance Industry

Ref. No:IRDAI/NL/WG/SB/375/2020-21 (19/10/2020)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:IRDAI/NL/WG/SB/375/2020-21 Date:19-10-2020 Exposure Draft Re: Report of the Working Group (WG) on suitability of offering of Surety Bond by Indian Insurance Industry A Working Group was set up by the Authority vide order Ref: IRDAI/NLWG-SB/95/2020-21 dated 24.07.2020 to study...

Read More

IRDAI Working Group to Study Cyber Liability Insurance

Ref. No:IRAID/NL/ORD/MISC/260/10/2020 (19/10/2020)

Amid the COVID 19 pandemic, there are rising incidences of cyberattacks and a growing number of high-profile data breaches. It is felt that cybersecurity is the most important need for all sectors today to address the numerous risks posed by cyber-attacks....

Read More

Guidelines on Standard Individual Term Life Insurance Product, ‘Saral Jeevan Bima’

Notification No. IRDAI/Life/Cir/Misc/254/10/2020 (15/10/2020)

Saral Jeevan Bima is a non-linked non-participating individual pure risk premium life insurance plan, which provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term....

Read More

Norms on Renewability, Portability & Migration of Standard COVID Health Policy

Ref: IRDAI/HLT/REG/CIR/253/10/2020 (13/10/2020)

‘Corona Kavach’ and ‘Corona Rakshak’ policies of any tenure may be renewed for further terms of three and half months (3 ½ months), six and half months (6 ½ months) or nine and half months (9 ½ months) as per the option exercised by the policyholder. The renewal shall be subject to the underwriting policy of the insurer....

Read More

IRDAI cautions against sell of health plans by unauthorized entities

It has come to the notice of the Authority that some unauthorized entities are professing to be selling health plans by offering discounts on medical treatments or diagnostic tests.  It is hereby clarified that only the IRDAI registered insurance companies, or their authorized agents and intermediaries registered by IRDAI can sell insur...

Read More
Posted Under: Corporate Law |

FAQs on Guidelines on Arogya Sanjeevani Policy

1. Whether all the insurers shall offer ‘Arogya Sanjeevani Policy’? All the General and Standalone Health insurers are mandated to offer Standard Individual Health Insurance Product ‘Arogya Sanjeevani Policy’. However, if any insurer is currently not offering indemnity based health insurance products at all, the ab...

Read More
Posted Under: Corporate Law |

Domestic Systemically Important Insurers (D-SIIs)

NA (24/09/2020)

Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance and domestic and global inter connectedness whose distress or failure would cause a significant dislocation in the domestic financial system. Therefore, the continued functioning of D-SIIs is critical for the uninterrupted availability of i...

Read More
Posted Under: Corporate Law |

Implementing RFQ platform for Investments in Corporate Bonds / Commercial Papers

Ref. No: IRDAI/F&I/CIR/INV/246/09/2020 (25/09/2020)

With a view to enhance and coalescing the fragmented liquidity in Corporate Bonds, SEBI has implemented Request for Quote (RFQ) Platform through Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The RFQ platform seeks to replicate the OTC market albeit on an electronic platform in a move to bring more transparency, centraliza...

Read More

IRDAI permits insurers to use Video Based Identification Process

Ref. No:IRDAI/SDD/CIR/MISC/ 245 /09/2020 (21/09/2020)

Video Based Identification Process (VBIP)is an alternative (optional)electronic process of Identification / KYC in paperless form, carriedoutby the insurer/authorised person (person authorised by the insurer and specifically trained for face-to-face VBIP) by undertaking seamless, secure, real-time, consent based audio-visual interaction w...

Read More

Browse All Categories

CA, CS, CMA (4,991)
Company Law (6,653)
Custom Duty (8,023)
DGFT (4,367)
Excise Duty (4,399)
Fema / RBI (4,405)
Finance (4,649)
Income Tax (34,760)
SEBI (3,718)
Service Tax (3,604)

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031